Other things equal, economists would prefer:
A. free trade to tariffs and tariffs to import quotas.
B. free trade to import quotas and import quotas to tariffs.
C. import quotas to tariffs and tariffs to voluntary export restrictions.
D. import quotas to free trade and free trade to tariffs.
A. free trade to tariffs and tariffs to import quotas.
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Which of the following is true?
a. The size of the economic pie to be divided among a country's residents is fixed. b. Government tax and transfer programs have exerted a strong equalizing impact on the distribution of income in the United States. c. The method of allocating income is relevant to the issue of fairness as well as the pattern of income distribution. d. The optimal distribution of income can be determined by objective economic criteria.
In the short run, the firm should shut down when:
A. price is equal to the average total cost of production. B. price is less than the minimum of the average variable cost of production. C. price is equal to the minimum of the marginal cost of production. D. price is equal to the minimum of the average total cost of production.