The trend in current tariff laws is to
A) raise tariffs on foreign goods.
B) keep tariffs the same.
C) lower tariffs on foreign goods.
D) abolish tariffs all together.
Answer: C
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If the multiplier is 4 and autonomous government spending increases by $100 billion, real GDP will:
A. increase by $100 billion. B. increase by $400 billion. C. decrease by $400 billion. D. increase by $25 billion.
In terms of the production possibilities curve, inefficiency is represented by
A. All points inside the curve. B. A rightward shift of the curve. C. All points outside the curve. D. All points on the curve.
In the long run, the price elasticity of demand is ________ than in the short run because ________
A) less; consumers have more time in which to make adjustments to price changes B) less; the percentage change is measured over a larger amount of time C) greater; consumers have more time in which to make adjustments to price changes D) greater; firms have more time to shift the burden of the tax forward to consumers
Explain the permanent-income hypothesis and the life-cycle hypothesis. How are these hypotheses similar?
What will be an ideal response?