A ban on imports, a tariff, or a quota raise the price to domestic consumers. This means that consumers will buy less of the product at a higher price. The loss associated with this is called
A) production associated loss.
B) barrier associated loss.
C) deadweight loss.
D) trade loss.
C
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Japan, Singapore, and Taiwan have all:
A. had success with import substitution policy. B. imitated South Korea's export-led growth policy and failed. C. imitated South Korea's import substitution policy and failed. D. had success with export-led growth policy.
The market demand curve for most goods and services is
A. the horizontal summation of individual demand curves. B. calculated by multiplying all individual demand curves by each other. C. not important for most analytical purposes. D. not related in any way to individual demand curves.
Tax cuts tend to boost
A. disposable income. B. tax revenues. C. interest rates. D. inflation.
Refer to Figure 13-11. The diagram depicts a firm
A) in an increasing-cost industry. B) in long-run equilibrium. C) that is making short-run losses. D) in a constant-cost industry.