A tariff is best described as a
A. tax on exported goods.
B. a tax on a good that is imported.
C. payment by the government to domestic producers to improve their competitive position in world markets.
D. transfer payment.
B. a tax on a good that is imported.
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Since 1983, the US has typically run a financial account surplus
a. True b. False
Which of the following is the best example of a public good?
a. Apples. b. Cars. c. Education. d. National defense.
If a firm's short-run total cost curve lies above its total revenue curve at all output levels, the firm should
a. always shut down in the short run b. always operate in the short run c. operate in the short run if the maximum operating loss is less than its total fixed cost d. operate in the short run if the minimum operating loss is less than its total fixed cost e. operate in the short run if the average operating loss is less than its total fixed cost
Bans and quotas ________ in situations where it is difficult or costly for authorities to monitor and punish rule-breakers.
A. often succeed B. always succeed C. sometimes succeed D. rarely succeed