Relative to free trade, when a tariff is imposed in a market for an imported good,
A) the consumer surplus in that market increases.
B) the producer surplus in that market decreases.
C) the total surplus in that market decreases.
D) tariff revenue decreases.
E) deadweight loss decreases.
C
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Refer to Table 19-19. Given the information above, calculate the GDP deflator in 2015
A) 87 B) 95 C) 105 D) 114
If the price of inputs rises and foreign income rises:
a. Aggregate demand rises, and aggregate supply falls. b. Aggregate demand rises, but aggregate supply does not change. c. Aggregate demand falls, and aggregate supply rises. d. Aggregate demand and aggregate supply rise. e. Aggregate demand and aggregate supply fall.
The ratio of the debt to GDP is a measure of the burden the debt places on the economy.
Answer the following statement true (T) or false (F)
According to the law of demand, only the price of a good influences the amount people will choose to purchase.
Answer the following statement true (T) or false (F)