In order for large countries to successfully use tariffs to increase well being,
A) they must have significant market power so that foreign firms will cut prices to preserve their sales.
B) the deadweight loss created by the tariff must be greater than the government revenue the tariff generates.
C) domestic production must increase more significantly than for the small country case.
D) domestic consumption and imports must decrease more significantly than in the small country case.
A
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Explain how a small amount of international debt can become a very heavy burden for a developing economy
A society allocates its scarce resources to various uses. These scarce resources include
a. land. b. people. c. machines. d. All of the above are correct.
Which of the following is true of minimum-wage laws?
a. They affect skilled workers' wages. b. They create above-equilibrium wages for some unskilled workers. c. They create a shortage of unskilled labor. d. They negatively affect the employment of skilled workers.
One person out of every 1000 is an economist and 90% of them are math oriented. If only 5% of the population is math oriented and you pick a person at random who happens to be math oriented, it is
A. likely that the person chosen is not an economist rather than an economist. B. likely that the person chosen is an economist rather than an non-economist. C. almost impossible the person will be an economist. D. almost certain the person will be an economist.