A tax that is imposed on an imported good is called a
A) tariff.
B) quota.
C) government license.
D) patent.
Answer: A
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What is the conclusion in the prisoners' dilemma?
A) Firms should not enter a legal duopoly. B) Two prisoners acting in their own best interest harm their joint interest. C) There is no Nash equilibrium available to the prisoners. D) Prisoners do not act interdependently. E) Duopolies almost always reach their best outcome.
Explain how a decrease in housing prices may reduce the wealth of some while increasing the wealth of others. What effect would this have on aggregate consumption?
What will be an ideal response?
If two or more markets are closely related,
A) a partial equilibrium analysis will tend to overstate the price impact of a supply shock. B) a partial equilibrium analysis will tend to accurately predict the price impact of a supply shock. C) a partial equilibrium analysis will tend to understate the price impact of a supply shock. D) they should be analyzed concurrently but using partial equilibrium analysis alone.
If the price of a good is increased and total revenue received from the sale of this good increases, then the price elasticity of demand for the good is
A) elastic. B) inelastic. C) unitary. D) None of the above