Research indicates that
A. countries with lower tariff rates experience higher rates of economic growth.
B. countries with higher tariff rates experience higher rates of economic growth.
C. countries with lower tariff rates experience lower rates of economic growth.
D. there is no relationship between the level of tariff rates and economic growth.
Answer: A
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Relative to the situation in many other nations, the United States government plays a _______ role in its economy.
A. small B. large C. comparable D. nonexistent
Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Mia's opportunity cost of producing one bandana is
A) 1/3 of a hair pin. B) 2.5 hair pins. C) 3 hair pins. D) 9 hair pins.
Economic profits are
A. equal to accounting profits plus the implicit costs of the firm. B. whatever remains after all opportunity costs have been taken into account. C. always greater than accounting profits. D. the same as accounting profits when firms do not own capital equipment.
A trade deficit for the United States is generally financed by:
A. Lending to the Federal government B. Borrowing from the Federal government C. Buying securities or assets from other nations D. Selling securities or assets to other nations