Which of the following is true of tariffs?
A) Tariffs are special taxes levied on imports. B) Tariffs reduce the volume of exports.
C) Tariffs decrease the prices of imports. D) Tariffs encourage international trade.
A
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The United States imports t-shirts because
A) it is a dangerous job to produce them. B) the United States has a lower opportunity cost of production. C) the United States must import goods and services from other countries so that they can develop economically. D) foreign economies have an absolute advantage in their production. E) foreign nations have a lower opportunity cost of production.
Jason needs help getting ready for the next test in his economics course and would like to hire Maria, an economics tutor, to help him
Jason is willing to pay $30 for the first hour of tutoring, $25 for the second, $20 for the third, $15 for the fourth, and $10 for the fifth. The equilibrium price for tutoring is $15 per hour. For how many hours of tutoring will Jason hire Maria? Why this amount of hours? What is Jason's consumer surplus, if any, from the tutoring? What is Maria's consumer surplus from the tutoring?
The base year is the year
A) in which prices are unstable. B) in which prices are lowest. C) in which prices are highest. D) that serves as a reference point or benchmark. E) in which nominal output is largest.
Something that would not be considered a tool in pursuit of industrial policy would be:
A. incentives for foreign direct investment. B. incentives for foreign portfolio investment. C. investment in research. D. All of these are examples of industrial policies.