A tariff is
A) a government-imposed restriction on the quantity of a specific good that can be imported into the country.
B) a tax on imported goods.
C) a subsidy on domestically produced goods.
D) a voluntary agreement to restrict exports.
Answer: B
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The above table has the total revenue and total cost schedule for Omar, a perfectly competitive grower of rutabagas. When Omar maximizes his profit, Omar's profit equals
A) $80. B) $11. C) $30. D) $16. E) $105.
From 1991 until 2001, the United States was in a period of
A) business cycle peaks. B) expansion. C) recession. D) business cycle troughs.
In practice, it is usual to assume that, in explaining the impact of a change in interest rates ________
A) the substitution effects outweigh the income effects B) the income effect outweighs the substitution effect C) the income and substitution effects cancel out with one another D) the income effect increases the severity of the substitution effect
All of the following except ____ are shortcomings of cost-benefit analysis
a. difficulty in measuring third-party costs b. difficulty in measuring third-party benefits c. failure to consider the time value of benefits and costs d. difficulty of accounting for program interactions e. a and b