The tradeoff between inflation and unemployment
a. implies that policies designed to reduce unemployment also reduce inflation.
b. was eliminated by improved economic policies in the 1900s.
c. is a long-run tradeoff, persisting for decades, according to most economists.
d. None of the above are correct.
d
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The long-run equilibrium of a monopolistically competitive firm is characterized by
A) a tangency of the average total cost curve with the firm's demand curve. B) price equal to marginal cost. C) production at the minimum point of the firm's average total cost curve. D) production at the minimum point of the firm's average variable cost curve.
Which of the following statements best describes a protective tariff?
A. An excise tax that is usually applied to products which are not produced domestically in order to raise revenues for government B. An excise tax that is designed to put foreign producers at a competitive disadvantage in selling in domestic markets C. A specification of the maximum amount of a product that may be imported in any period of time which is often used to protect domestic producers of a product D. Such activities as restricting the issuance of licenses for imported products or setting unreasonable standards for quality or safety in order to restrict imports and protect domestic markets