If a tariff is imposed on imports of shrimp into the United States, U.S. consumers ________ and the U.S. economy will ________
A) lose; gain
B) decrease; lose
C) gain; gain
D) gain; lose
E) gain; be unaffected
B
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Bobby spends $100 per month on pizza and CDs. His utility from these goods is shown in the table above. The price of a pizza is $10 and the price of a CD is $20. Which of the following combinations of the two goods maximizes Bobby's utility?
A) 2 pizzas and 4 CDs B) 6 pizzas and 2 CDs C) 4 pizzas and 3 CDs D) 8 pizzas and 1 CDs
Skis and snowboards are close substitute goods. Fill in the blanks: A in the price of snowboards would tend to the demand for
What will be an ideal response?
The market demand in a Bertrand duopoly is P = 10 ? 3Q, and the marginal costs are $1. Fixed costs are zero for both firms. Based on this information we can conclude that:
A. P = $7 and firm 1 will sell 7 units of output. B. P = $1 and firms 1 and 2 will each sell 7 units of output. C. P = $1.5 and firms 1 and 2 will each sell 10 units of output. D. P = $1 and firms 1 and 2 will each sell 1.5 units of output.
During the German hyperinflation of the 1920s, the large increases in the money supply were generated by the German government
A) significantly lowering the required reserve ratio to enable German businesses to obtain loans. B) significantly raising the required reserve ratio to reduce business loans. C) printing large quantities of German marks. D) selling large quantities of government bonds to the central bank, the Reichsbank.