When a country that imports a particular good imposes a tariff on that good,
a. consumer surplus increases and total surplus increases in the market for that good.
b. consumer surplus increases and total surplus decreases in the market for that good.
c. consumer surplus decreases and total surplus increases in the market for that good.
d. consumer surplus decreases and total surplus decreases in the market for that good.
d
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In the case of a negative externality, the social marginal cost will
a. exceed the private marginal cost. b. be equal to private marginal cost. c. fall short of private marginal cost. d. bear no significant relation to private marginal cost.
The three-step procedure for economic analysis
a. works better in macroeconomics than in microeconomics b. begins with characterizing the market c. helps governments decide how to change the market equilibrium d. focuses on goals and constraints e. is used only in microeconomics
Which form of business organization creates a separate legal being?
a. partnerships and proprietorships b. only proprietorships c. only partnerships d. only corporations e. corporations and partnerships
Which of the following would be classified as an externality?
a. Smoke from a chimney causes discolored and peeling paint on other houses in the neighborhood. b. Noise from an unmuffled car wakes a sleeping person. c. A neighbor cleans up a yard and repaints a house. d. All of the above are externalities.