The primary benefits derived from tariffs usually accrue to the
a. domestic consumers of goods protected by the tariffs.
b. foreign producers of goods protected by the tariffs.
c. domestic producers of export goods.
d. domestic suppliers of goods protected by the tariffs.
D
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The cost-output elasticity equals 1.4. This implies that:
A) there are neither economies nor diseconomies of scale. B) there are economies of scale. C) there are diseconomies of scale. D) marginal cost is less than average cost.
If exports and imports both rose, but exports rose more than imports, a. AD would decrease
b. AD would increase. c. AD would be unaffected. d. AD could either increase or decrease.
Which of the following is TRUE with respect to specialization?
A) Adam Smith in The Wealth of Nations referred to specialization and division of labor. B) With a given set of resources, specialization results in higher output. C) Individuals and nations specialize in their areas of comparative advantage in order to reap the gains of specialization. D) All of the above are correct.
One of the provisions of the Patient Protection and Affordable Care Act (ACA) is that in 2017, someone without health insurance was fined $695 or 2.5 percent of their income, whichever amount was higher. A growing number of younger and healthier people
chose to pay the fine and not purchase health insurance, which resulted in A) many additional insurance companies joining the ACA-established insurance marketplaces. B) some insurance companies leaving the ACA-established insurance marketplaces. C) the government tripling the fines for not purchasing health insurance. D) the total repeal of the ACA.