What is a tariff?
What will be an ideal response?
A tariff is a tax imposed by a government on imports.
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If Country A opens up their corn market to trade with the rest of the world and the global price of corn is higher than the equilibrium price of corn in Country A, then Country A will ________ corn, which will ________ consumer surplus, ________
producer surplus, and ________ total surplus. A) import; increase; decrease; increase B) import; decrease; increase; increase C) export; increase; decrease; increase D) export; decrease; increase; increase E) export; decrease; increase; decrease
The substitution effect reflects a movement along a given
A) horizontal line. B) vertical line. C) indifference curve. D) budget line.
By tying the salaries of top corporate managers to the price of the corporation's stock, corporations hope to avoid
A) paying high salaries to their managers. B) corporate governance. C) the principal-agent problem. D) conflict between the CFO and the CEO.
If the savings rate of Country A increases from 10% to 20% and technology growth is zero, then the neoclassical model predicts that in the steady state
a. the capital-to-labor ratio will not grow in the long-run but higher than it is now. b. the capital-to-labor ratio will grow 10% faster. c. the growth rate of output will be permanently higher. d. the level of output will be permanently higher. e. a and d.