Elasticity also reveals whether firms can pass __________ costs that they incur on to consumers.
a. direct
b. higher
c. lower
d. indirect
b. higher
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A decrease in the real exchange rate will tend to ________ exports and to ________ imports.
A. increase; decrease B. decrease; decrease C. decrease; increase D. increase; increase
China exports more services than India
Indicate whether the statement is true or false
The reason that antitrust laws exist and are enforced is because most economists and politicians believe that
a. every industry should be perfectly competitive b. monopolies do not maximize shareholder value in the long run c. the price and quantity combinations delivered in a perfectly competitive market are both socially desirable and most efficient d. monopolies use their market power to create economies of scale e. small firms are the backbone of American society
Of all the taxes collected in the U.S. economy, what percentage is collected by the federal government?