A tariff
A. legally specifies maximum import or export ceilings.
B. increases allocative efficiency.
C. is a special tax applied only to internationally traded goods.
D. lowers the prices of imported goods.
C. is a special tax applied only to internationally traded goods.
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
The type of good with the largest import in the U.S. is:
A. industrial goods. B. consumer goods. C. automobiles. D. capital goods.
An official agreement with another country in which it agrees to import more from the United States is
A) a regional trade bloc. B) the quota system. C) a voluntary import expansion. D) a voluntary restraint agreement.
What is the formula for the average product of labor?
A. ?q/?L B. L/q C. ?L/?q D. q/L