The imposition of tariffs will help a nation attain which of the following goals?
A) decreased domestic consumer prices
B) increased domestic employment
C) increased amount and variety of goods available for consumers
D) increased competition between domestic and foreign producers
E) gains for domestic producers
E
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Producers' surplus is the difference between the price
A) sellers receive for a good and the maximum price they would have paid for the good. B) sellers receive for a good and the minimum price for which they could have sold the good. C) buyers pay for a good and the maximum price they would have paid for the good. D) buyers pay for a good and the minimum price for which they would have sold the good.
"Diminishing marginal utility means a downward sloping total utility curve." True or false? Explain
Indicate whether the statement is true or false
When the nominal interest rate increases, the quantity of credit card services
A) increases. B) decreases. C) stays constant. D) moves in unpredictable ways.
The purchasing power of the average person in the world today is:
A. more than 30 times as high as it was 200 years ago. B. more than 20 times as high as it was 300 years ago. C. is about the same as it has been during the last two centuries. D. has increased steadily over the last two centuries.