When the government imposes a tariff on imported goods, it _____________ prices for domestic consumers, ________________ consumers' surplus and _________________ the producers' surplus for domestic producers
A) raises; lowers; raises
B) lowers; raises; raises
C) lowers; raises; lowers
D) raises; lowers; lowers
E) none of the above
A
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The world price of a good refers to the quantity of one good exchanged for a unit of another good.
Answer the following statement(s) true (T) or false (F)
For the gold standard to achieve its maximum functioning efficiency, central banks should theoretically play the "rules of the game." What are these rules?
(a) Central bank policy should tie the flow of their gold reserves to their current accounts. (b) Central banks should "lean against the wind" and follow policies that offset gold movements. (c) Central banks should raise interest rates as gold flows in and lower them as gold flows out. (d) Central banks should sell securities as gold flows in and buy them as gold flows out.
In a binding situation
A. planned investment increases when the price level decreases. B. output increases when the price level decreases. C. planned investment and output both increase when the price level decreases. D. neither planned investment nor output change when the price level decreases.
By 2015, ________ members of the European Union were using the euro as their currency
A) 12 B) 19 C) 28 D) 57