The use of a tariff provides monopoly protection since
A. it reduces competition from imports by raising the import price.
B. it allows more imports into the country.
C. it expands tax credits.
D. it reduces exporters' profits.
Answer: A
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The reason long run market supply curves are shallower than short run market supply curves is because individual firm supply curves are shallower in the long run than in the short run.
Answer the following statement true (T) or false (F)
If average Americans start to pay off the huge credit card debt they now hold, then
A) a shift in the supply of loanable funds will cause interest rates to rise. B) a shift in the supply of loanable funds will cause interest rates to fall. C) a shift in the demand for loanable funds will cause interest rates to rise. D) a shift in the demand for loanable funds will cause interest rates to fall. E) there will be an excess demand for loanable funds.
Which of the following statements best describes high-income economies’ relationship with inflation?
a. The high-income economies appear to have a political consensus to hold inflation low, but not the economic tools to do so. b. The high-income economies appear to have the economic tools to hold inflation low, but not the political consensus to do so. c. The high-income economies appear to have both a political consensus to hold inflation low, and the economic tools to do so. d. The high-income economies do not appear to have a political consensus to hold inflation low, and the economic tools to do so.
If the level of an input cannot be increased because there is insufficient time to put them in place, they are called
A. fixed input. B. variable input. C. changeable input. D. unchangeable input.