The business cycle component of the log of real per-capita GNP is equal to

For allocative efficiency to hold

A) average total cost is minimized in production. B) average variable cost is minimized in production. C) price must equal the marginal cost of the last unit produced. D) price must equal marginal revenue of the last unit sold.

If Japan imposes a tariff on shoes from Argentina, then

a. the price of Argentinean shoes sold in Japan will fall b. the quantity of Argentinean shoes sold in Japan will rise c. Japanese shoe producers will benefit d. Japanese consumers will benefit from lower prices for Japanese shoes e. Japanese consumers will benefit from lower prices for Argentinean shoes