What are the likely effects of a U.S. antidumping duty on imported steel?

a. The U.S. terms of trade will improve and U.S. steel imports will rise.
b. The U.S. terms of trade will worsen and U.S. steel imports will rise.
c. The foreign price of steel will rise and the United States will avoid deadweight losses.
d. The U.S. price of steel will rise and the United States will suffer deadweight losses.

Ans: d. The U.S. price of steel will rise and the United States will suffer deadweight losses.

Economics

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If a firm produces five chairs with marginal costs of $25, $30, $40, $55, and $75, respectively, and sells them for $80 each, what is the firm's total producer surplus?

A) $400 B) $225 C) $175 D) $150 E) $80

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One important issue in the post-bellum currency debate concerned the coinage of silver by the federal government. Which of the following statements presents accurate information regarding the silver debate?

a. Silver circulated widely as money in the years immediately prior to the Coinage Act of 1873. b. The Bland-Allison Act allowed for the Treasury to make limited monthly silver purchases at the market price. c. Post-Civil War there was a fall in the output of American silver mines. d. Congress passed the Coinage Act in 1873 despite widespread public opposition to this legislation at the time.

Economics