Tariffs tend to reduce the volume of imports by
A. Reducing prices of domestically produced goods.
B. Making them more expensive to domestic consumers.
C. Placing severe quality restrictions on imported goods.
D. Setting maximum allowable import limits.
Answer: B
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Identify the correct statement
a. The United States was an international net debtor from the end of World War I until the mid-1980s. b. The United States was an international net creditor from the end of World War I until the mid-1980s. c. In 1945, the United States became an international net debtor for the first time in almost 70 years. d. In 1985, the United States became an international net creditor for the first time in almost 70 years. e. The net creditor status of the United States has grown steadily since 1985.
How is it possible for the economy to have a recessionary gap?
a. Equilibrium is at a GDP level below full employment. b. Equilibrium is at a GDP level equal to full employment. c. Equilibrium is at a GDP level above full employment. d. GDP is rising at full employment. e. GDP is falling at full employment.
There are race-based differences in income that cannot be explained by factors such as educational attainment and years of experience. Evidence of discrimination comes from audit studies, where otherwise similar white and minority candidates are sent to the same source to seek jobs, rent apartments, or apply for mortgage loans, and minority candidates are treated less favorably
Indicate whether the statement is true or false
What is the main problem with using physical units, instead of dollars, as the measure of total economic activity?
a. Other countries do not use units of measurement. b. Units of measurement are more difficult to calculate than dollars. c. Physical units of measurement change from year to year. d. Different products have different units of measurement.