Tariffs ________ prices for domestic consumers and import quotas ________ prices for domestic consumers
A) lower; raise B) raise; also raise C) raise; lower D) lower; also lower
B
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A perfectly competitive firm's output is currently such that its marginal revenue is $5 and marginal cost is $4. Assuming profit maximization, the firm should
A. cut price and increase output. B. raise price and decrease output. C. leave price unchanged and decrease output. D. leave price unchanged and increase output.
Define money and list its functions
What will be an ideal response?
An 18 percent increase in the price of small cars results in a 10 percent expansion in the quantity supplied. The supply elasticity in this range equals ________
A) 9/5 B) 5/9 C) 7/10 D) 4/10
Under a floating exchange-rate system, a country needs to pay more attention to the economic policies of the rest of the world
a. True b. False Indicate whether the statement is true or false