The primary benefits derived from tariffs usually accrue to the:
a. domestic consumers of goods protected by the tariffs.
b. foreign producers of goods protected by the tariffs.
c. domestic producers of export goods.
d. domestic suppliers of goods protected by the tariffs.
d
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It is estimated that, on the average and ________, union wages are ________ because ________
A) taking account of skill differentials; 30 percent higher than nonunion wages; union workers are better qualified than nonunion workers B) without taking account of skill differentials; equal to nonunion wages; differentiating based on union membership is discrimination and illegal C) without taking account of skill differentials; 15-20 percent higher than nonunion wages; employers are biased against nonunion workers D) taking account of skill differentials; 30 percent higher than nonunion wages; in some industries union workers perform jobs that require greater skill than nonunion workers and employers show bias against nonunion workers E) without taking account of skill differentials; 30 percent higher than nonunion wages; in some industries union workers perform jobs that require greater skill than nonunion workers
Suppose penalties are imposed on both buyers and sellers of marijuana, but the cost of breaking the law to sellers is greater than that to buyers
This measure will ________ the equilibrium price of marijuana and ________ the equilibrium quantity of marijuana sold. A) lower; increase B) raise; increase C) raise; decrease D) not change; will decrease
All of the following are characteristics of a monopsony employer except: a. there is a single buyer of labor
b. the monopsony firm moves up the positively sloped supply curve it faces. c. fewer number of workers hired for wages below what they would be in a competitive market. d. workers work for less than their marginal revenue product.
Since firms in both monopolistic competition and perfect competition earn zero economic profit, price must be equal to average cost for both types of firms.
Answer the following statement true (T) or false (F)