When tariffs are imposed, ______ lose more than ______ gain.
a. consumers; producers and the government
b. consumers and the government; importers
c. producers and importers; consumers
d. consumers and the government; producers
a. consumers; producers and the government
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Suppose that the price of labor, the only variable input needed to produce cotton, increases from $100 day to $120 day. The effect on costs will be
a. a parallel shift in the total cost curve. b. a parallel shift in the fixed cost curve. c. a parallel shift in the marginal cost curve. d. a shift in total cost by different amounts for different quantities.
In the above, which figure(s) show(s) relationship between the variables that is always positive?
A) Figure A only B) Figures C and D C) Figures A and C D) Figures A, C, and D E) Figures A and B
Which of the following is NOT a beneficial aspect of trade?
A. Someone who owns a good of relatively little value can trade it for something they value more. B. Trade frees people from the need to produce everything themselves. C. Trade allows people to specialize in whatever they do best. D. Trade eliminates the problem of scarcity.
Mutual recognition is more efficient than other approaches to setting standards
Indicate whether the statement is true or false