Tariffs and quotas on imported goods used as inputs in production shift the
A. AS curve to the left.
B. AS curve to the right.
C. AD curve to the right.
D. None of the choices are correct.
Answer: A
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A firm is said to be a price taker if it:
A) can affect the market price of goods by changing its supply. B) sells as much of any good as it wants at the prevailing market price. C) consults the government before fixing the price of its goods and services. D) is not free to enter a new market or exit from an existing market.
Monetary policy should be countercyclical, which implies that it should be loosened during a recession and tightened during periods of inflation
a. True b. False Indicate whether the statement is true or false
In 2011, what percentage of U.S. families had income levels below $75,000?
a. 20 percent b. 40 percent c. 60 percent d. 80 percent
If the price of a good in a closed economy is lower than the world price, then with an open economy this country will be a ________ of that good.
A. price taker B. net importer C. net exporter D. price setter