If the United States imposed higher tariffs and more restrictive quotas that reduced imports,
A) employment in the U.S. would be higher.
B) the wage rates of U.S. workers would be higher.
C) the U.S. would gain at the expense of other countries.
D) the U.S. would not gain at the cause expense to other countries.
C) the U.S. would gain at the expense of other countries.
You might also like to view...
The wage earned by a domestic resident for working in a foreign company for a month is an example of a(n) ________
A) factor payment from foreigners B) transfer payment from foreigners C) export by the domestic resident D) import by the domestic resident
A price floor is
A) the highest possible legal price that can be charged for a good or service. B) usually equal to the equilibrium price established before the government imposed the price floor. C) the lowest legal price at which a good or service can be traded. D) a legal price of zero that can be charged for a good or service. E) almost always equal to the price ceiling.
How are the fundamental economic decisions determined in North Korea?
A) The United Nations decides because North Korea is a developing economy. B) These decisions are made by the country's elders who have had much experience in answering these questions. C) Individuals, firms, and the government interact in a market to make these economic decisions. D) The government decides because North Korea is a centrally planned economy.
If diminishing marginal returns is in effect
A) marginal costs fall. B) marginal costs rise. C) average costs fall. D) average revenue is constant.