A tariff can be defined simply as a
a. A tariff can be defined simply as a
b. tax on exports
c. legal limit on imports.
d. legal limit on exports.
a
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
Using a graph, show the effects of a negative externality. Where is the socially optimum point of output? How can it be achieved?
What will be an ideal response?
The host country's balance-of-payments problem tends to worsen when foreign firms:
a. invest solely in capital-intensive industries. b. repatriate their profits to the headquarters from the host country. c. acquire the foreign operations in order to diversify corporate investment holdings. d. refuse to share technological expertise with the host country. e. export all products to other countries.
A trade surplus occurs when
A. the value of imports is less than the value of exports. B. consumption is greater than disposable income. C. government spending is less than total tax revenue. D. none of these.