A tariff is a
tax on an imported product
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Variable inputs are defined as any resource that:
a. varies with the size of the firm's plant. b. cannot be changed as output changes. c. can be changed as output changes. d. can be increased or decreased hourly.
Under perfect competition, a rightward shift of the market supply curve could be caused by
a. decrease in consumer demand b. technological advance c. high rate of inflation d. high interest rate e. increase in consumers' income for a normal good
The increase in the price of sugar created by the tariff will lead domestic production to increase by ________ tons per year, compared to when the economy is open without the tariff.
A. 10 B. 20 C. 40 D. 30
When the Fed buys bonds in the open market, we can expect
A) bond prices and interest rates to fall. B) bond prices to rise and interest rates to fall. C) bond prices to fall and interest rates to rise. D) bond prices and interest rates to rise.