When tariffs are imposed, the losers include
A. Domestic consumers and foreign producers.
B. Domestic consumers and domestic producers of import-competing goods.
C. Domestic consumers and the domestic government.
D. Foreign consumers and domestic producers of import-competing goods.
Answer: A
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Economists generally assume
A) individuals act strictly in the public interest. B) individuals are never concerned with the interests of other people. C) individuals rarely promote the projects in which they are interested. D) none of the above.
A decline in the domestic real interest rate would cause a ________ in net exports and a ________ in the exchange rate
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
The Phillips curve tradeoff implies
A. that if the curve is stable, society must accept increases in inflation in exchange for decreases in unemployment. B. that if the curve is unstable, society must accept increases in inflation in exchange for decreases in unemployment. C. that if the curve is stable, society must accept increases in inflation in exchange for increases in unemployment. D. that if the curve is unstable, society must accept falling unemployment when inflation falls.
If the price of a product being sold in a perfectly competitive market decreases
A. the MFC curve shifts to the left. B. the MRP curve shifts to the left. C. the MRP curve shifts to the right. D. the MFC curve shifts to the right.