If a tariff is increased to a level high enough to prevent any imports from entering the country, the tariff has the same effect as
a. an export subsidy.
b. a voluntary export restraint.
c. dumping.
d. an embargo.
d. an embargo.
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Refer to Figure 10.1. If two lights are installed, the person who was not responsible for the light being installed receives a payoff of
A) 4. B) 6. C) 8. D) 12.
Suppose the current exchange rate between the Japanese yen and the U.S. dollar is 80 yen = $1. Suppose you can buy more goods in the United States with $10 than you can in Japan with 800 yen. Japan's GDP in dollars will be
A) greater if the current exchange rate, rather than the purchasing power parity exchange rate, is used to convert yen to dollars. B) less if the current exchange rate, rather than the purchasing power parity exchange rate, is used to convert yen to dollars. C) the same whether the current exchange rate or the purchasing power parity exchange rate is used to convert yen to dollars. D) more accurate if the current exchange rate, rather than the purchasing power parity exchange rate, is used to convert yen to dollars.
Since income distribution and poverty are intrinsically related, they cannot be approached separately
Indicate whether the statement is true or false
With an upward-sloping AS curve, a decrease in transfer payments can lead to a decrease in inflation.
Answer the following statement true (T) or false (F)