High-income industrial nations such as the United States and Japan tend to have their highest tariffs in
A) newer, high-technology manufacturing industries.
B) capital-intensive, diversified manufacturing.
C) agriculture, clothing, and textiles
D) Both A and B.
E) None of the above.
C
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If the Fed wants to reverse the effects of a favorable supply shock on unemployment, it should
a. increase the money supply growth rate which raises the inflation rate. b. increase the money supply growth rate which reduces the inflation rate. c. decrease the money supply growth rate which raises the inflation rate. d. decrease the money supply growth rate which reduces the inflation rate.
The production possibilities curve illustrates the basic principle that
A. an economy’s capacity to produce increases in proportion to its population. B. if all resources of an economy are in use, more of one good can be produced only if less of another is produced. C. an economy will automatically seek that output at which all of its resources are employed. D. no opportunity cost exists in production.
Which of the following scenarios could be an example of increasing marginal utility?
A. A father buying three game CDs for his son. B. A shopkeeper selling the tenth pound of hamburger. C. A stamp collector purchasing an additional stamp for collection. D. A consumer buying an additional unit of apple.
When a tax is placed on the sellers of cell phones, the size of the cell phone market
a. and the effective price received by sellers both increase. b. increases, but the effective price received by sellers decreases. c. decreases, but the effective price received by sellers increases. d. and the effective price received by sellers both decrease.