An import quota will ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic national welfare
A) increase; decrease; increase; have an ambiguous effect on
B) increase; decrease; decrease; decrease
C) increase; decrease; have no effect on; have an ambiguous effect on
D) increase; decrease; have no effect on; decrease
E) increase; increase; decrease; have an ambiguous effect on
C
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A negative cross elasticity indicates that two goods are complements.
Answer the following statement true (T) or false (F)
An increase in the price of grape juice causes an increase in the marginal revenue product of labor used to produce grape juice
Indicate whether the statement is true or false
The PPP theory says that in the long run the exchange rate between two currencies should move toward __________ the cost in each country of an identical basket of internationally traded goods
a. equalizing b. minimizing c. maximizing d. reducing to zero e. disequilibrating
Taxes on sales of liquor, tobacco, and tires are examples of
a. direct taxes. b. excise taxes. c. progressive taxation. d. loopholes.