Of the following, who is harmed by a tariff?
A) domestic buyers of the good or service
B) the overall domestic economy
C) the foreign exporter of the good or service
D) domestic producers of the good or service
E) Both answers A and B are correct.
E
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Assume a market that has an equilibrium price of $7. If the market price is set at $3, which of the following is true?
A. Some surplus is transferred from consumers to producers, but total surplus falls. B. All surplus is transferred from producers to consumers, and total surplus stays the same. C. Some surplus is transferred from producers to consumers, but total surplus falls. D. Some surplus is transferred from consumers to producers, causing total surplus to increase.
In 2005, the percentages of mortgages that were considered sub-prime:
a. increased dramatically. b. increased minimally c. decreased minimally. d. decreased dramatically.
What effects does operating in an open economy add to expansionary monetary policy? To contractionary monetary policy?
When the top marginal tax rates were lowered substantially during the 1980s, the inflation-adjusted income tax revenue collected from the top 1 percent of all income earners
a. declined sharply. b. remained approximately constant. c. increased substantially. d. did none of the above.