Answer the following statements true (T) or false (F)
1. The revenue and protective purposes of a tariff are largely incompatible.
2. Tariffs bring about a transfer of income from the consumer of the protected product to domestic producers of the product.
3. For an anti dumping tariff to be imposed in the United States, competitive damage from dumping must be shown.
4. Perhaps the strongest argument for trade restrictions is that they protect U.S. workers from low-wage foreign workers.
5. During times of recession, retaining the domestic economy’s money at home is a valid argument for restricting imports.
1. TRUE
2. TRUE
3. TRUE
4. FALSE
5. FALSE
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Suppose that Germany, France, Estonia, and India all have the same production possibilities, illustrated in the figure above. Based on the production points in the figure, which country is most likely to expand its PPF to PPF3?
A) Germany B) Estonia C) India D) France and Germany equally E) France
________ is an example of a common pool resource
A) Food B) Water C) National defense D) Wi-Fi
A significant benefit of monopolistic competition compared with pure competition is:
A. less likelihood of X-inefficiency. B. improved resource allocation. C. greater product variety. D. stronger incentives to achieve economies of scale.
Which of the following services is performed by the regional Federal Reserve banks?
A. Issuing government bonds. B. Holding bank reserves. C. Bailing out or liquidating failed banks. D. Determining open market operations.