Developing countries often justify imposition of tariffs because:
a. it creates a burden on government budget.
b. it is easy to collect direct taxes from people in the developing countries.
c. a large number of people in the developing countries earn a taxable income.
d. developing countries find income taxes difficult to levy and collect.
e. the volume of imports of these countries is considerably low.
d
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A firm in a perfectly competitive market
a. can raise the price of its product and sell more output b. can lower the price of its product and sell more output c. can increase its supply to lower the price d. can decrease its supply to raise the price e. accepts the market price for its product
Real GDP measures output of final goods and services in physical units
a. True b. False Indicate whether the statement is true or false
If the marginal propensity to consume is equal to 0.70 and income rises by $20 billion in an economy, then consumption spending will increase by _____
Fill in the blank(s) with the appropriate word(s).
When grocery stores issue special discount cards for shoppers effectively offering different prices based on quantities purchased, this is an example of
A. quantity differentiation. B. product differentiation. C. price discrimination. D. price differentiation.