Which of the following is true of tariffs?
A) Tariffs are special taxes levied on imports. B) Tariffs reduce the volume of exports.
C) Tariffs decrease the prices of imports. D) Tariffs encourage international trade.
A
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Constant returns to scale occur when a firm's
a. marginal costs are constant as output increases. b. long-run average total costs are decreasing as output increases. c. long-run average total costs are increasing as output increases. d. long-run average total costs do not vary as output increases.
The short-run aggregate supply curve in modern Keynesian analysis represents the relationship between
A. the nominal output of goods and services and the real output of goods and services. B. the real output of goods and services in the economy and the price level when people have fully adjusted their behavior. C. the real output of goods and services in the economy and the price level when people have not fully adjusted their behavior. D. the nominal amount of goods and services in the economy and the price level.