Generally, if a nation imposes a tariff on imports,
A. part of the tax is paid by foreign exporters.
B. the entire tax is paid by foreign exporters.
C. none of the tax is paid by foreign exporters.
D. the tax has no impact on the profits of foreign exporters.
Answer: A
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On a graph of the consumption function, where the consumption function is below the 45 degree line, there is
A) zero disposable income. B) saving. C) maximum disposable income. D) no induced consumption. E) dissaving.
A major problem that may occur with models that predict the values of economic variables in the future is that
a. researchers are pessimistic about the future. b. the model may fail to acknowledge that economic actors will change their behavior in response to changing situations. c. the model may make predictions that conflict with widely held opinions. d. no one cares about these predictions.
The demand for firewood is likely to be more elastic in the summer than in the winter
a. True b. False
The quantity theory of money states that increases in the money supply result in proportional increases in real GDP
a. True b. False Indicate whether the statement is true or false