Import restrictions due to the imposition of tariffs by the U.S. government
A) will ultimately cause inefficient resource allocation in the United States.
B) will lead to lower incomes in the economy of U.S. trade partners.
C) will lead to a decline in the quantity of the product consumed in the United States.
D) all of the above are likely to occur
D
You might also like to view...
Consider a production possibility frontier with jeans on the vertical axis and shoes on the horizontal axis. As the country moves along the frontier closer to the horizontal axis,
A) free lunches occur. B) more shoes are produced. C) more tradeoffs occur. D) more jeans are produced. E) the country eventually chooses an unattainable point.
What is the equation of exchange? Suppose that real GDP and velocity are constant. In this case, what effect will an increase in the quantity of money have?
What will be an ideal response?
Regulating a monopolistically competitive market:
A. is easier than regulating a monopoly. B. is more difficult than regulating a monopoly. C. is very common in the U.S. today. D. has grown over the past 50 years.
If the stock of physical capital remains constant while employment rises, output
a) initially declines, then eventually rises b) increases at an increasing rate c) remains constant in real terms d) increases at a decreasing rate e) fluctuates with the price level