Import quotas and tariffs make domestic sellers better off and domestic buyers worse off
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following best describes trends in unionization and immigration in the 1920s?
a. Immigration was restricted and unions decreased b. Immigration was encouraged and unions increased c. Immigration was encouraged while the number of union members decreased d. Immigration was discouraged while the number of union members increased
Which of the following is the most likely outcome of minimum wage laws?
a. an increase in both the quantity of labor supplied by workers and the quantity of labor demanded by firms b. an increase in the quantity of labor supplied by workers and a decrease in the quantity of labor demanded by firms c. a decrease in the quantity of labor supplied by workers and an increase in the quantity of labor demanded by firms d. a decrease in both the quantity of labor supplied by workers and the quantity of labor demanded by firms
Under a flexible exchange system, which of the following will most likely cause a nation's currency to appreciate on the foreign exchange market?
a. an acceleration in the nation's inflation rate b. a balance of trade deficit c. a current account deficit d. a decline in the domestic inflation rate
The demand curve a monopolist uses in making an output decision is
a. the same as the demand curve facing a perfectly competitive firm b. vertical because there are no close substitutes for its product c. horizontal because there are no close substitutes for its product d. the same as the market demand curve e. perfectly inelastic