Evidence indicates that tariffs and quotas are
A) beneficial for producers in a protected industry, but not beneficial for the workers in the industry.
B) beneficial for producers in a protected industry, but not beneficial for consumers.
C) beneficial for workers in a protected industry, but not beneficial for consumers.
D) not beneficial for the workers in a protected industry or for consumers.
E) b and c
E
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A price ceiling
A) is an illegal price. B) is the price that exists in a black market. C) is the maximum price that can legally be charged. D) Both answers A and B are correct. E) Both answers B and C are correct.
Compared to a perfectly competitive industry, a single-price monopoly with the same costs will
A) create less consumer surplus. B) create less economic profit. C) create a deadweight loss. D) Both answers A and C are correct.
If the equilibrium exchange rate changes so that it takes more dollars to buy a British pound, then:
A. the dollar has appreciated in value. B. Americans will import more British goods. C. the British will buy fewer U.S. goods. D. the dollar has depreciated in value.
Refer to the figure at right. Moving from point A to point B indicates