A tariff is a tax levied on imports by a country.
Answer the following statement true (T) or false (F)
True
Tariffs are extra charges or taxes levied on imports by a country.
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The multiplier for government spending is the same as the
A) multiplier for autonomous consumption. B) marginal propensity to save. C) marginal propensity to import. D) tax multiplier.
If price elasticity of supply is large and demand is price-inelastic, then the firm can earn positive profits by increasing the price
a. True b. False Indicate whether the statement is true or false
Exhibit 6-2 Total utility for hamburgers, fries, and Cokes Total Utilityfrom Hamburgers Total Utilityfrom Fries Total Utilityfrom Cokes 1 hamburger (100 utils) 1 order of fries (30 utils) 1 Coke (40 utils) 2 hamburgers (180 utils) 2 orders of fries (50 utils) 2 Cokes (60 utils) 3 hamburgers (240 utils) 3 orders of fries (60 utils) 3 Cokes (70 utils) In Exhibit 6-2, assume that the price of hamburgers is $2 each, fries cost 50 cents each, and Cokes cost $1 each. Suppose the consumer has $6 to spend on hamburgers, fries, and Cokes. Which of the following meals gives the consumer the most utility?
A. 3 hamburgers, no fries, and no Cokes. B. 2 hamburgers, no fries, and 2 Cokes. C. 2 hamburgers, 2 orders of fries and 1 Coke. D. 1 hamburger, 2 orders of fries, and 3 Cokes.
Recall the Application about price controls on candy bars during World War II to answer the following question(s).Recall the Application. In a comparison of weights of candy bars in 1943 and 1939, a Consumer Reports study found that in a vast majority of cases, the size of candy bars had ________ and their price per ounce had ________.
A. increased; increased B. increased; decreased C. decreased; increased D. decreased; decreased