Historically, one of the most common reasons for countries to impose tariffs was
A) to protect their national security.
B) to raise revenue for the government.
C) to eliminate unemployment.
D) to counter inflation.
E) None of the above.
B
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You decide to take a vacation and the trip costs you $2,000. While you are on vacation, you do not go to work where you could have earned $750. In terms of dollars, the opportunity cost of the vacation is
A) $2,000. B) $750. C) $2,750. D) $1,250
Contrast the crisis in Poland and Russia. Explain why the Polish economy has done better?
What will be an ideal response?
A tax that requires those with low incomes to pay a smaller percentage of their income than high-income earners is a:
A. proportional tax. B. progressive tax. C. regressive tax. D. flat tax.
A country that has absolute advantage in producing all goods does not benefit from trade.
a. true b. false