A possible reason to impose a protectionist policy such as a tariff is to:
A. increase the welfare of domestic consumers.
B. slow domestic production.
C. aid other nations in developing their own industries.
D. protect domestic workers from foreign competition.
Answer: D
You might also like to view...
Figure 5-3
Assume the market consists of three consumers with the demand curves in Figure 5-3. At a price of 1, the total market demand is
A. 40. B. 80. C. 140. D. 150.
(Consider This) In order to apply the concept of diminishing returns to study time:
A. the amount of study time available must be held constant. B. study time must be considered a long-run production process. C. all inputs to the learning process must be allowed to vary. D. all inputs to the learning process except for study time must be assumed to be fixed.
After ________, you are left with taxable income.
A. adding all deductions and exemptions to total income B. deducting all of your yearly expenses from the income you received C. subtracting all deductions and exemptions from total income D. paying income taxes
If real GDP in a year was $3,668 billion and the price index was 112, then nominal GDP in that year was approximately:
A. $3,846 billion B. $3,925 billion C. $4,108 billion D. $4,379 billion