Suppose an industry receives protection from the government in the form of tariffs. A number of years later, it is observed that the quantity supplied by domestic firms had decreased and that the domestic price was substantially greater than the world
price. We could conclude that
A) the tariff had been imposed to counteract dumping and had been successful.
B) removal of the tariff would actually cause domestic output to increase and price to fall.
C) the tariff had been imposed to protect an infant industry and that the industry still needed protection.
D) removal of the tariff would cause domestic output to fall even further and the price to fall to consumers.
Answer: D
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Answer the following statement(s) true (T) or false (F)
1. Ambient standards identify the desired level of environmental level to be achieved, typically expressed as a maximum allowable concentration of a pollutant. 2. Standards are the fundamental basis of most environmental policies. 3. A standard that specifies a pollution limit along with the equipment to be used to achieve that limit is called a performance-based standard. 4. If an environmental standard is set at a level where the associated marginal abatement cost (MAC) is equal to the marginal social benefit (MSB), it is considered an allocatively efficient standard. 5. Marginal social benefit (MSB) of abatement can be thought of as the reduction in damages linked to reducing pollution.
Empiricism refers to the process of:
A) making choices using values and beliefs. B) measuring variables. C) testing ideas using data. D) collecting and organizing data.
Which age householder group's mean income among the following was the highest in 2010?
A) 15-25 years old B) 25-34 years old C) 45-54 years old D) 65 years and older
If you buy a bond issued by Intel, the bond is a(n):
A) liability to Intel and an asset to you. B) liability to you and an asset to Intel. C) liability to both you and Intel. D) asset to both you and Intel.