A tariff affects imports
A. by limiting quantity and raising price to a higher level.
B. by reducing quantity demanded so that supply falls.
C. by increasing supply, raising price, and reducing demand.
D. by raising price and reducing quantity demanded.
Answer: D
You might also like to view...
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. CalculatorsPer HourComputersPer HourSmith10010Jones1206Suppose Smith and Jones begin by producing 0 computers and 220 calculators per hour. If they wish to produce 2 computers and 200 calculators per hour efficiently, then Smith should spend ________, and Jones should spend ________.
A. 48 minutes on computers and 12 minutes on calculators; 1 hour on calculators B. 12 minutes on computers and 48 minutes on calculators; 1 hour on calculators C. 30 minutes on each; 30 minutes on each D. 1 hour on calculators; 10 minutes on computers and 50 minutes on calculators
The slope of a line with rise of five and run of two is positive.
Answer the following statement true (T) or false (F)
If the population of a country is 1,000,000 people, its labor force consists of 500,000, and 40,000 people are unemployed, the unemployment rate is:
a) 8.0 percent. b) 7.4 percent. c) 50.0 percent. d) 4.0 percent.
When discussing the CPI, the term "commodity substitution bias" refers to changes in
A) prices that lead business to change the items they buy. B) quantities that lead households to change the items they buy. C) prices that lead households to change the items they buy. D) income that lead households to change the items they buy. E) stores so that consumers switch from one store to another.