Today, the United States charges an average tariff rate
A) which is greater than any other high-income country.
B) that is more than its average tariff rate in 1930.
C) of less than 1.5 percent.
D) that exceeds 50 percent.
C
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Fixed costs can be defined as costs that
a. vary inversely with production. b. vary in proportion with production. c. are incurred only when production is large enough. d. are incurred even if nothing is produced.
In international trade, an infant industry is one:
A. that protects firms that produce products for infants. B. with a large number of very small firms. C. in which the firms are experiencing very small profits. D. in the early stages of its development.
Hurricane Katrina caused refineries and oil rigs in New Orleans and in the Gulf of Mexico to close down. In the market for gasoline, Hurricane Katrina caused
A. a decrease in demand. B. a decrease in supply. C. an increase in demand. D. an increase in supply.
If you earn an additional $200 in disposable income one week for feeding your neighbor's ferret
A. the total of your consumption and saving will increase by $200. B. the total of your consumption and saving will increase by more than $200. C. the total of your consumption and saving will increase by less than $200. D. your consumption will increase by more than $200, even if your MPS is 0.1.