A tariff is
a. a penalty imposed on importers of capital
b. a tax on financial transactions
c. the result of a treaty
d. a tax on either imports or exports
e. an agreement between countries to limit trade
Answer: d. a tax on either imports or exports
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Julie always purchases the soda with the lowest price. For Julie, the cross price elasticity of demand for brand X and brand Y will be
A) equal to 0. B) negative. C) positive. D) impossible to determine without more information.
When unions exist in markets
A) firms must have market power in their output markets. B) there no longer is a perfectly competitive labor supply. C) individual workers no longer make labor-leisure trade-off decisions. D) employers have market power in labor markets.
Annual incomes of James, Jack, and Stanley are $30,000 . $50,000 . and $80,000 and their tax rates are 10%, 20%, and 30% respectively. Which tax structure is this an example of?
a. Proportional tax b. Progressive tax c. Regressive tax d. Digressive tax
The difference between the earnings of construction workers who work on bridges and skyscrapers and those who work on highways is most likely due to
a. differences in education requirements. b. differences in unionization rates. c. a compensating differential. d. apprenticeship requirements.