Imposing a tariff on a good leads to a ________ in the price of the product and ________ in imports
A) rise; no change
B) fall; a decrease
C) rise; an increase
D) fall; an increase
E) rise; a decrease
E
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Refer to Figure 7-3. With a quota in place, what is the quantity consumed in the domestic market and what portion of this is supplied by imports?
A) Domestic consumption equals 28 million pounds of which 18 million pounds are imports. B) Domestic consumption equals 34 million pounds of which 18 million pounds are imports. C) Domestic consumption equals 40 million pounds of which 22 million pounds are imports. D) Domestic consumption equals 34 million pounds of which 16 million pounds are imports.
According to the production possibilities model, if more resources are allocated to the production of physical and human capital, then which of the following is likely to happen?
A) The country's total production will fall. B) The production possibilities frontier will shift inward in the future. C) Fewer goods will be produced for consumption today. D) Future economic growth will decline.
A firm's ______ cost is equal to the sum of the ______ costs of the individual units it produces.
A. total; average B. variable; average C. total; marginal D. variable; marginal
According to predictions made by ________ in 1972, the collapse of the world economy will occur because of the depletion of nonrenewable resources.
A. the Club of Rome B. the European Union C. the World Bank D. the Fed