Tariffs can be thought of as indirect:
A. subsidies to domestic producers.
B. subsidies to foreign producers.
C. special taxes on domestic producers.
D. subsidies to domestic consumers.
Answer: A
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Adam Smith noted in 1776 that
A. the wealth of nations comes from the money the nations have accumulated. B. the wealth of nations comes from the gold the nations have accumulated. C. the wealth of nations comes from the resources that produce the nation's goods and services. D. the problem of scarcity had been licked.
If the economy is entering a recession, what should the Fed do as far as changing interest rates, and how should this affect consumer and business spending?
What will be an ideal response?
Even if your college degree is irrelevant to an employer's needs, your high GPA might still get you the job because
A) the firm is not a profit maximizer. B) your GPA sends a signal about your quality as a worker. C) the firm will most likely make an adverse selection. D) the high GPA eliminates the possibility of moral hazard.
Suppose I am willing to pay $300 for a pair of Rollerblades and I purchase them on sale for $200 . My consumer surplus is
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