A tariff
A) makes everyone worse off.
B) makes domestic consumers better off.
C) makes domestic producers better off.
D) makes both domestic producers and consumers better off.
C
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Having a nominal inflation target for monetary growth can pose a difficulty because:
A) inflation is very challenging to measure. B) inflation can be higher or lower, depending on the growth rate of real GDP. C) most agree that inflation targets are completely unrelated to monetary growth. D) monetary growth can be affected by political pressure and other noneconomic factors.
Perfect competition is characterized by all of the following EXCEPT
A) a large number of buyers and sellers. B) no restrictions on entry into or exit from the industry. C) considerable advertising by individual firms. D) buyers and sellers are well informed about prices. E) firms produce an identical product.