Protective tariffs will tend to shift:
A. Supply toward foreign products
B. Demand toward foreign products
C. Demand toward domestic products
D. Have no effect on demand or supply
C. Demand toward domestic products
You might also like to view...
The relationship between GDP and the money supply has gotten stronger since the 1980s
Indicate whether the statement is true or false
Over the past year, productivity grew 1%, capital grew 2%, and labor grew 2%. If the elasticities of output with respect to capital and labor are 0.3 and 0.7, respectively, how much did output grow?
A) 1% B) 2% C) 3% D) 4%
Suppose that the total expenditures for a typical household in 2010 equaled $2,500 per month, while the cost of purchasing exactly the same items in 2015 was $3,000. If 2010 is the base year, the CPI for 2010 equals:
A. 1.00 B. 1.20 C. 1.25 D. 0.83
Suppose the production function is Q = min{K, 2L}. How much output is produced when 4 units of labor and 9 units of capital are employed?
A. 9 B. 4 C. 8 D. 2