Economically speaking, tariffs are
a. a means to promote economic efficiency.
b. necessary to keep the industries of an economy healthy.
c. the same as import quotas.
d. obstacles that limit voluntary exchange.
D
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Refer to Table 9-12. Prior to trade, what was the opportunity cost to produce 1 belt in Estonia?
A) 1/3 of a sword B) 3/5 of a sword C) 1.67 swords D) 5 swords
Suppose the exact statements of the assumptions of a model do not enter in a crucial way, so that slightly different assumptions still lead to the same conclusion. When this occurs, the model is
a. tractable. b. robust. c. rational. d. efficient.
A tax on gasoline is an incentive that encourages people to drive smaller more fuel-efficient cars
a. True b. False Indicate whether the statement is true or false
Price cannot fall so low that some sellers choose to supply a quantity of zero
a. True b. False Indicate whether the statement is true or false