Tariffs:
A. may be imposed either to raise revenue (revenue tariffs) or to shield domestic producers
from foreign competition (protective tariffs).
B. are also called import quotas.
C. are excise taxes on goods exported abroad.
D. are per-unit subsidies designed to promote exports.
A. may be imposed either to raise revenue (revenue tariffs) or to shield domestic producers
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For a perfectly competitive firm, profit maximization occurs when output is such that
A) total revenue (TR) is maximized. B) total cost (TC) is minimized. C) marginal revenue (MR) = marginal cost (MC). D) average total cost (ATC) is minimized. E) total revenue (TR) equals total cost (TC).
When drawing a production possibilities frontier, all of the following are usually assumed except one. Which is the exception?
a. The quantity of resources is rapidly growing. b. Technology is fixed. c. Resources can be shifted between production of the two goods. d. The production possibilities frontier is drawn for a particular time period. e. Resources are fully and efficiently employed.