Let's assume that two countries have imposed high tariffs on each other's products and services to the point where all trade between the two countries has disappeared
Assume a newly elected member of parliament in one of the countries makes a proposal for unilateral tariff reduction regardless of whether the other country wishes to follow suit. Explain why such a policy change would actually be a good idea.
The consumers in the country where the tariff reductions are put in place will no doubt benefit even though their producers may not see any change in their well being given that the other trading partner has not responded in kind. But this should not stop the efforts of this member of parliament since the change in policy will still make his country better off.
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In 2002, the largest marital status category of white single parents was "never married."
Indicate whether the statement is true or false
Which of the following results in the superstar effect?
a. An increase in the minimum wage for sports stars b. A decrease in the demand for televisions c. A technological improvement due to which a baseball game can be broadcast across the world d. A rise in the unemployment rate in the service sector of an economy e. A decline in the returns to capital in an economy
The 4 components or determinants of aggregate demand
What will be an ideal response?
The advancement of computers has increased the productivity of a paper mill. How will this likely affect the supply of paper? It will likely cause:
A. a leftward shift in the supply of paper. B. no shift, but a movement along the supply curve. C. a shift straight up in the supply of paper. D. a rightward shift in the supply of paper.