Based on Scenario 6.1 above, if a tariff of 20 percent is placed on imports of dining room tables, the effective rate of protection is
A) 20 percent.
B) 25 percent.
C) 30 percent.
D) 40 percent.
E) There is not enough information to tell.
B
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Suppose a babysitter demands payment in full before the parents go out for the night. Using the economic way of thinking, the babysitter is clearly
A) exploiting the parents. B) exploiting the children. C) selling short. D) in it only for the money.
Government spending that shifts income from one group of society to another, such as price subsidies and cash payments, is known as
a. merit goods spending b. debt servicing c. transfer payments d. countercyclical payments e. social spending
The economy's self-correcting mechanism ensures that neither recessionary nor inflationary gaps will be eliminated eventually
a. True b. False Indicate whether the statement is true or false
George and Susan work at the same brewery. George works in advertising. Susan works as a forewoman in the bottling plant. George is paid more than Susan
a. Because the male worker earns a higher salary than the female worker, the employer must be discriminating against women. b. If George has better performance reviews than Susan, the company might be rewarding George for his high productivity. c. If forepersons at bottling plants typically earn more than employees in the advertising department, then the brewery must be discriminating against women. d. George might be earning more because he works the day shift while Susan works the night shift.