Import bans, import quotas, voluntary export restraints (VERs), and tariffs on goods all:
A. increase equilibrium quantities and prices.
B. decrease equilibrium quantities and prices.
C. increase equilibrium quantities, but decrease prices.
D. decrease equilibrium quantities, but increase prices.
Answer: D
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Samia has decided that with the two hours in between classes she can do one of 3 things. She has ranked her choices, from highest to lowest as, (1 ) chat with her friends, (2 ) study economics or (3 ) take a nap
The opportunity cost of chatting with her friends is A) the combined value of studying economics and taking a nap. B) the value of studying economics, the next best use of time. C) the value of chatting with her friends. D) zero since she does not pay her friends to talk to her.
The retail value of one dozen eggs is $2.89. Farmers receive $1.04 for this dozen of eggs. What is the farmer's share of the retail dollar?
A) 45% B) 36% C) 56% D) 64%
When a perfectly competitive firm produces where AVC < P < ATC, this is called a
A. break-even position. B. loss-minimizing strategy. C. loss-maximizing strategy. D. profit-minimizing strategy.
If the Fed can communicate that it will maintain a(n) ________, the long run nominal interest rate will remain ________
A) expansionary fiscal policy; low B) contractionary fiscal policy; high C) contractionary monetary policy; low D) expansionary monetary policy; low