In comparing tariffs and quotas, we know that
A. tariffs raise revenues for the federal government, while quotas do not.
B. both raise revenues for the federal government.
C. neither raises revenues for the federal government.
D. quotas raise revenues for the federal government, while tariffs do not.
Answer: A
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Farmer Jane grows wheat on land that is bought and paid for. She figures her profit per acre is $60 because she puts $30 of purchased inputs onto each acre, $10 worth of her time into working on each acre, and the harvested wheat sells for $100. Farmer Jane
a. has correctly calculated her economic profit. b. has forgotten to include the opportunity cost of the land in her calculation of profit. c. should not have included the value of her time in calculating profits. d. should not have included any costs in calculating her economic profit.
List and discuss the importance of the major effects of the deregulation that occurred in the 1980s
Summarize how the law of supply explains the effects of price on the quantity supplied
What will be an ideal response?
Cyclical unemployment ________ during expansions and ________ during recessions
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases