A common tool for restricting trade through taxation is:
A. immigration restrictions.
B. a tariff.
C. quota.
D. international waters use policies.
Answer: B
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In the monetary small open-economy model, a fixed exchange rate insulates the domestic price level from
A) both real and nominal shocks from abroad. B) real shocks from abroad, but not nominal shocks from abroad. C) nominal shocks from abroad, but not from real shocks from abroad. D) neither real nor nominal shocks from abroad.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. At the end of the day, Jerry could have produced:
A. 14 dishes and 7 fences. B. 12 dishes and 6 fences. C. 10 dishes and 5 fences. D. 6 dishes and 4 fences.
A perfectly competitive firm is a "price maker."
a. True b. False Indicate whether the statement is true or false
Mechanism design is used to
A. give individuals the incentive to reveal the truth about themselves. B. align the interests of two parties in a transaction. C. correct inefficiencies associated with asymmetric information. D. All of the above are correct.