Excise taxes on imported goods that help shield domestic producers of the good are called:
A. protective tariffs.
B. import quotas.
C. revenue tariffs.
D. voluntary export restrictions.
A. protective tariffs.
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The laws of supply and demand did not apply to elephant tusks
a. True b. False Indicate whether the statement is true or false
Which of the following is most likely to help the residents of a nation produce more goods and services and achieve higher income levels?
a. higher tax rates b. a higher rate of investment c. a smaller trade sector d. greater use of taxation to transfer income from the rich to the poor
An example of contractionary fiscal policy is
A) an increase in government expenditures, or an increase in taxes, or both. B) a decrease in government expenditures, or a decrease in taxes, or both. C) an increase in government expenditures, or a decrease in taxes, or both. D) a decrease in government expenditures, or an increase in taxes, or both. E) increasing government expenditures while holding taxes constant.
If the price level is fixed, changes in nominal income and changes in real income ______.
a. have an inverse relationship because there are no changes in aggregate supply. b. remain equal because there is no rate of inflation to account for. c. remain equal because aggregate income will neither rise nor fall. d. have an inverse relationship because full employment has been reached.