Hughes and Cain (2011) ask: Who suffered from the tariff in the 19th century? What was their answer?
(a) the government
(b) producers of import-competing goods
(c) consumers
(d) workers in import-competing industries
(c)
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Economic theory assumes people want
A) material goods primarily. B) money in preference to all other goods. C) more of everything. D) to advance the projects in which they are interested. E) what serves selfish rather than altruistic goals.
Financial intermediaries are able to exploit economies of scale since
A) the equipment or expertise necessary for one transaction can be applied to other transactions. B) they have special licenses needed to perform financial transactions. C) financial markets fail to do so. D) they can reduce transactions cost, but not information costs.
A factory recently added new robots to its production line, increasing productivity. This will likely cause a:
A. rightward shift of the supply curve. B. leftward shift of the supply curve. C. shift downward of the supply curve. D. movement up along the supply curve.
In a simple circular-flow diagram, firms
a. purchase resources from households. b. purchase the output produced by households. c. receive income by selling resources to households. d. All of the above are correct.