Since individual consumers do not know how much of the price they pay for a commodity is due to protection, consumers rarely lobby their political representatives to eliminate protection and reduce prices
a. True
b. False
Indicate whether the statement is true or false
True
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When government imposes a tax equal to the external cost of producing a product that generates pollution, the government is said to externalize the internality
Indicate whether the statement is true or false
Crowding out occurs when the federal government:
a. raises taxes to finance a budget deficit. b. refinances maturing U.S. Treasury bonds. c. borrows by selling bonds to finance a deficit. d. uses a budget surplus to pay off part of the national debt.
U.S. net exports are:
A.) Equal to the value of exports minus the value of imports. B.) Positive if the U.S. imports more than it exports. C.) A larger portion of GDP than investment. D.) Always equal to zero.
Suppose that income increases and the quantity demanded of guitars stays the same. This means that the income elasticity of guitars is unit elastic.
Answer the following statement true (T) or false (F)