A tariff is a
A. subsidy to workers harmed by U.S. trade with foreign countries.
B. limit on the quantities of a good that can be imported each year.
C. tax on exports that tends to make them cheaper for foreigners to buy.
D. tax on imports that raises their prices and makes them less attractive to domestic consumers.
D. tax on imports that raises their prices and makes them less attractive to domestic consumers.
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The figure above shows the market for college education. Left to itself without any government intervention, a competitive market would create a deadweight loss equal to
A) zero. B) the area d. C) the area a + c. D) the area b + c. E) the area b + d.
Let's assume Ben can produce 3 units of a material good (M) or 3 units of a spiritual good (S) in a day, while Cal can produce 1 M or 2 Ss in a day. Which statement below is true?
A) Ben can produce spiritual goods more efficiently than Cal. B) Cal can produce material goods more efficiently than Ben. C) Ben can produce material goods more efficiently than Cal. D) Ben can produce both material and spiritual goods more efficiently than Cal.
Which of the following forms of unemployment probably imposes the greatest personal costs?
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) voluntary unemployment.
Figure 9-3
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In Figure 9-3, saving at equilibrium GDP is
A. $1,200 billion. B. $1,000 billion. C. $800 billion. D. $600 billion. E. $400 billion.