The primary gain from international trade is
A. extra revenue.
B. increased employment in the domestic export sector.
C. increased employment in the domestic import sector.
D. more goods than would be attainable through domestic production alone.
Answer: D
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Perfect competition and monopolistic competition are similar in that both market structures include
A) price-taking behavior by firms. B) a homogeneous product. C) no barriers to entry. D) very few firms.
Assume a family that earns $20,000 pays $2,000 in income taxes, while a family that earns $40,000 pays $3,500 in income taxes. In this situation, the income tax system is
A) progressive. B) regressive. C) proportional. D) one of the above but we cannot tell which one without more information.
How would the market for coffee be affected if the government charged an excise tax of $1.00 on each unit of coffee sold?
A) There would be a shortage of coffee. B) The demand for coffee would increase. C) The demand for coffee would decrease. D) The supply curve would shift up vertically by $1.00.
Declining economic activity abroad will increase U.S. exports.
Answer the following statement true (T) or false (F)