Which was a decade of high inflation and high unemployment?

U.S. firms can produce and sell electric fans for $25. The United States can also import electric fans from China at $40 each and from Canada at $45 each. Electric fans made in the United States, China, and Canada are identical. Currently, the United States imposes a 30% tariff on imported electric fans. From which of the following countries will the United States import fans?

a. China b. Canada c. It will import fans from neither China nor Canada. d. It will import fans from both China and Canada.

A regulatory agency concerned with "universal service" must

a. prevent high profits in all markets. b. prevent entry in high-profit markets. c. prevent cross-subsidization. d. guarantee marginal cost pricing.