What is the world price of sugar without the tariff? 
A. $1,500/ton
B. $2,000/ton
C. $1,000/ton
D. $500/ ton
Answer: C
You might also like to view...
To classical economists, it is always true that
a. there is zero unemployment. b. actual output is always equal to potential output. c. excess demand for goods is possible unless prices are forced to fall. d. the marginal product of labor exceeds the real wage.
With free entry
A) economic profits are possible over the long run. B) economic profits are possible but only over limited amounts of time. C) economic profits are not possible. D) the cost of capital will not be covered.
For which of the following goods is the income elasticity of demand likely lowest?
a. water b. sapphire pendant necklaces c. filet mignon steaks d. fresh fruit
The model of aggregate demand and aggregate supply
a. is different from the model of supply and demand for a particular market, in that we cannot focus on the substitution of resources between markets to explain aggregate relationships. b. is different from the model of supply and demand for a particular market, in that we have to separate real and nominal variables in the aggregate model. c. is a straightforward extension of the model of supply and demand for a particular market, in which substitution of resources between markets is highlighted. d. is a straightforward extension of the model of supply and demand for a particular market, in which the interaction between real and nominal variables is highlighted.