A tariff placed on a foreign good will
A) reduce the price of a competing domestic good.
B) increase the price of a competing domestic good.
C) increase the quantity sold of both the foreign and competing domestic good.
D) reduce the quantity sold of both the foreign and competing domestic good.
B
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Which of the following is NOT part of the business cycle?
A) recession B) expansion C) peak D) trough E) inflation
A large number of U.S. firms send jobs to low-wage nations as it enables them to:
a. raise the price of their products. b. reduce their cost of production. c. get better quality products. d. obtain diversified products. e. politically dominate the economies where they are offshoring.
A change in consumers' incomes causes a change in:
A. the demand for normal goods but not the demand for inferior goods. B. demand. C. the cross-price elasticity of demand. D. supply.
The return to any factor of production that is in fixed supply is
A. producer surplus. B. factor surplus. C. pure profit. D. pure rent.