Refer to the above figures. A tariff is placed on a foreign good. Which figure represents the situation in the domestic market for the foreign good?
A. Panel A
B. Panel B
C. Panel C
D. Panel D
Answer: A
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The fact that a perfectly competitive firm has a perfectly elastic demand curve means
A) there is no limit to the firm's profits. B) there is no limit to the firm's revenues. C) that it can sell all it wants at any price. D) None of the above
The idea of a carbon tax makes more sense at the _________ level because it is ____________.
A. individual; easier to monitor B. individual; going to have a larger impact C. corporate; going to have a larger impact D. corporate; easier to monitor
If the use of a common resource is not regulated,
a. no one can enjoy it. b. it will tend to be underused. c. property rights will be clearly defined. d. it will be overused.
Based on Table 9.2, the current account balance is
A) -2 percent of GNP. B) +2 percent of GNP. C) +4 percent of GNP. D) -4 percent of GNP.