Which of the reasons given for tariff protection make consumers better off by generating lower prices?
A. infant industry argument
B. protecting U.S. jobs argument
C. anti-dumping argument
D. None provide lower prices for domestic consumers.
Answer: D
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The question "How are goods and services produced?" most closely addresses which of the following issues?
A) Should Ford build SUVs or luxury cars? B) Should Ford use expensive industrial robots or inexpensive Mexican autoworkers to produce SUVs? C) Should contractors build residential housing or shopping malls? D) Is income distributed fairly in the United States? E) Why are Christmas trees popular only in December?
The output of Mexican citizens who work in Texas would be included in the
A) net national product of the United States. B) gross national product of the United States. C) gross national product of Mexico. D) gross domestic product of Mexico.
A pure positive income shock leads to
A) an increase in leisure and consumption. B) an increase in leisure and work. C) an increase in work and consumption. D) an increase in leisure and taxes.
A tax levied on imported goods is called a(n):
A. excise tax. B. quota. C. foreign profits tax. D. tariff.