Refer to the scenario above. Recently, the government has imposed a tariff on the import of some cash crops. Which of the following is likely to happen in this case?
A) The domestic consumers of these crops will be better off.
B) The government's revenue is expected to fall.
C) The volume of imports is likely to increase.
D) The domestic producers of these crops will be better off.
D
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Compared to an open economy without a tariff, the amount of imported sugar will drop from ________ tons to ________ tons after the tariff is imposed. 
A. 80; 40 B. 60; 30 C. 40; 20 D. 20; 10
Suppose drug companies come out with new wonder-drugs capable of curing the common cold. What is the most likely effect on the demand for physicians' services?
A) The demand will become more elastic. B) The demand will become more inelastic. C) The demand will decrease if government or private insurance pays all or most of the physicians' fees. D) The demand will increase if the drugs can only be obtained with a physician's prescription. E) The demand will not change, though the quantity demanded almost certainly will.
All of the following are reasons countries may be unable to use discriminatory trade practices to enforce labor standards EXCEPT
A) in order to be effective a coalition of countries must join together to impose them. B) countries can never impose trade barriers on other sovereign nations. C) the WTO requires nations to treat other nations the same. D) a single country may be unsuccessful in convincing members of its trading block to participate in imposing the sanctions. E) retaliation or a full blown trade war might result.
The short run supply curve for a perfect competitive firm is
a. Marginal cost curve b. Average revenue curve c. Marginal revenue curve d. Marginal cost curve above its average variable cost curve