Protectionism through _________ implementation makes imports more expensive for consumers and discourages imports.
a. quote
b. tariff
c. nontariff barrier
d. standards
b. tariff
Protectionism through tariff implementation makes imports more expensive for consumers and discourages imports.
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The above table has the total revenue and total cost schedule for Omar, a perfectly competitive grower of rutabagas. When Omar maximizes his profit, Omar's profit equals
A) $80. B) $11. C) $30. D) $16. E) $105.
Which of the following is not equal to the others in equilibrium?
A) the real wage B) the marginal rate of substitution between leisure and consumption C) the marginal product of labor D) the price of consumption
Ceteris paribus, if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?
a. Price will increase, and quantity will increase. b. Price and quantity will stay the same. c. Price will decrease, and quantity will increase. d. Price will increase, and quantity will decrease. e. Price will decrease, and quantity will decrease.
Price of Good X(Px)Quantity of Good X(Qx)Own Price ElasticityTotal Revenue01000.000590-0.11450A80-0.258001570-0.4310502060-0.6712002550C125030B-1.5012003530-2.3310504020-4.00D4510-9.00450500-?0The demand function in the accompanying table is QXd = 100 ? 2PX. Based on this information, compute the total revenue when QX = 20 (point D).
A. $800 B. $900 C. $750 D. $850