Tariffs and quotas on an imported product:
A. Benefit both domestic producers and consumers of the product
B. Benefit both foreign producers and consumers of the product
C. Benefit foreign producers and hurt foreign consumers of the product
D. Benefit domestic producers and hurt domestic consumers of the product
D. Benefit domestic producers and hurt domestic consumers of the product
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Regarding people's preferences, behavioral economists observe that these preferences are:
A. Stable and not affected by context B. Fluid and easily influenced by framing C. Readily and accurately predictable D. Consistent from one period to the next
The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. There is no external benefit
What is the marginal benefit to the citizen of Kaffenia who consumes the four hundredth pound of coffee each day? A) $1.00 per pound B) $2.00 per pound C) $3.00 per pound D) $4.00 per pound
The reserve requirement refers to: a. the fraction of deposits that banks are required by the Fed to hold as reserves
b. the amount of gold required to back up all Federal Reserve notes. c. the requirement that banks reserve part of their lending capacity for small businesses. d. the requirement that Reserve bank presidents be part of the FOMC. e. the Treasury deposits held by the Fed.
The intended purpose of price floors is to ______.
a. help large farming corporations contribute more revenue to the local tax base b. allow domestic farmers to trade competitively against foreign markets c. create enough revenue for small-volume farmers to maintain a “decent” standard of living d. encourage farmers to grow only those products which will maximize surplus for consumers