If the United States imposed higher tariffs and more restrictive quotas that reduced imports,
What will be an ideal response?
the U.S. would gain at the expense of other countries.
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The elasticity of demand for a particular perfectly competitive firm's output is positively related to the number of firms supplying the market
Indicate whether the statement is true or false
When Social Security first began, the required contribution levels were _____
a. 2 percent of a worker's pay for all income earned b. 2 percent of a worker's pay for the first $3,000 of income earned c. 1 percent of a worker's pay for the first $3,000 of income earned d. 1 percent of a worker's pay for all income earned
An increase in the price level in Japan relative to the price level in the United States would
a. increase U.S. net exports and increase aggregate demand. b. increase U.S. net exports and increase aggregate supply. c. reduce U.S. net exports and reduce aggregate demand. d. reduce U.S. net exports and increase aggregate demand.
The Tragedy of the Commons
a. occurs most often with public goods. b. is only applicable to shared grazing rights among sheep herders. c. is eliminated when property rights are assigned to individuals. d. occurs when social incentives are in line with private incentives.