Tariff rates on goods imported into the United States
a. were prohibited by the Constitution
b. have dropped substantially over the past 50 years
c. reached an all time high in 1996
d. have steadily increased since 1920
e. have never played a big part in U.S. trade policy
B
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If Spain is capable of producing either tapas or soccer balls or some combination of those two products, then Spain should:
A. produce the good it has an absolute advantage in producing. B. produce the good it has a comparative advantage in producing. C. remain self-sufficient if it can produce both efficiently. D. trade only if it possesses the absolute advantage in the production of both goods.
If tax revenues from a cigarette tax are used to pay for healthcare expenses related to lung cancer, the cigarette tax could be justified using the __________
Fill in the blank(s) with correct word
National income accountants can avoid multiple counting by:
A. including transfer payments in their calculations. B. only counting final goods. C. counting both intermediate and final goods. D. only counting intermediate goods.
Tax cuts tend to boost
A. disposable income. B. tax revenues. C. interest rates. D. inflation.