If the United States were to stop importing flowers from other nations, and instead insisted that it grow all of its own flowers, the effect of this would be to
A. improve consumer well-being.
B. draw resources necessary to grow flowers away from the rest of the economy.
C. reduce flower prices because they would not have to be transported as far.
D. improve the wellbeing of foreign flower producers.
Answer: B
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Which of the following groups is the LEAST likely to be poor?
A) college graduates B) minorities C) single females D) people without high school degrees
To maximize its profit, a monopoly should choose a price where demand is:
a. elastic. b. inelastic. c. unitary elastic. d. vertical.
If a competitive firm is selling 500 units of its product at a price of $8 per unit and earning a positive profit, then
a. its average revenue is greater than $8. b. its marginal revenue is less than $8. c. its total cost is less than $4,000. d. All of the above are correct.
Which of the following would NOT be an impact of tariffs imposed on foreign cars?
A. Sales of foreign cars decline B. Domestic car prices decline C. American jobs are protected D. Tax revenue is generated for the government