If protective import-restricting tariffs are imposed by a country, in the majority of cases that nation's consumers end up
A) paying a higher price for the good than they otherwise would.
B) paying a lower price for the good than they otherwise would.
C) consuming more of the good than they otherwise would.
D) having a higher standard of living than they otherwise would.
Answer: A
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If a country were to experience an increase in its factors of production, its production possibilities frontier would shift outward
Indicate whether the statement is true or false
Which of the following is NOT an example of common property?
A) a trampoline B) air C) gravity D) sunshine
Jim Smith runs a company that sells encyclopedia sets for $200 each. When he employs 5 workers, they can sell 20 sets per week, while only 17 sets are sold when 4 workers are employed. If the wage of workers in this skill category is $500 per week, should the fifth worker be hired?
a. No, because the MRP of the fifth worker is less than $500 per week. b. No, because the MRP of the fifth worker is more than $500 per week. c. Yes, because the MRP of the fifth worker is less than $500 per week. d. Yes, because the MRP of the fifth worker is more than $500 per week.
Which of the following will increase both money supply and money demand in the short run?
a. An open market sale of bonds by the Fed b. An open market purchase of bonds by the Fed c. An increase in government purchases d. A decrease in taxes e. An increase in autonomous consumption