If the United States negotiates a voluntary export restraint with international sugar producing nations, then
A) U.S. sugar buyers pay a lower price for sugar.
B) U.S. sugar producers produce a smaller quantity.
C) imports of sugar increase.
D) the U.S. government collects less revenue than if it imposed a tariff on sugar.
E) the foreign governments collect more revenue than if a tariff is imposed on sugar.
D
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Bringing oil to the market is a relatively long and costly process. The whole process from exploration to pumping significant amounts of oil can take years. What does this indicate about the price elasticity of supply for oil?
A) The elasticity coefficient is likely to be very high and supply is inelastic. B) The elasticity coefficient is likely to be low and supply is highly inelastic. C) The elasticity coefficient is likely to be low and supply is highly elastic. D) The elasticity coefficient is likely to be close to zero and supply is perfectly elastic.
If renting videos is an inferior good, demand for this service will rise when consumer income falls
a. True b. False Indicate whether the statement is true or false
The Nobel Prize-winning economist from Harvard who developed the capabilities approach is:
A. Gary Becker. B. Milton Friedman. C. John Kenneth Galbraith. D. Amartya Sen.
For inferior goods, when incomes rise the demand for these goods falls.
Answer the following statement true (T) or false (F)