If an import-competing firm is imperfectly competitive, then under free trade an export tariff will ________ domestic market price, ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic
national welfare. A) increase; have no effect on; decrease; increase; decrease
B) decrease; decrease; increase; decrease; have no effect on
C) increase; have no effect on; increase; decrease; increase
D) decrease; increase; decrease; increase; decrease
E) have no effect on; have no effect on; decrease; increase; decrease
A
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As the economy goes through an expansion,
a. fluctuations in GDP become more severe b. unemployment finally stabilizes c. investment stabilizes d. the classical model becomes a better predictor e. unemployment falls.
The marginal product of labour is defined as
a) the amount of output produced by a given labour force b) the minimum amount of workers required to produce a given level of output c) the increase in productivity of the marginal worker if capital is increased d) the amount of output one more worker could produce given other factors of production are fixed e) the cost of employing another worker