According to the graph shown, if the economy is in autarky and decides to open trade with a tariff, the impact on domestic supply is they will:
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. increase output from 250 to 500.
B. decrease output from 815 to 500.
C. increase output from 500 to 815.
D. decrease output from 1500 to 1150.
B. decrease output from 815 to 500.
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The most people live in ________ economies and the fewest people live in ________ economies
A) emerging market; developing B) advanced; emerging market C) developing; emerging market D) advanced; developing E) developing; advanced
When producing goods and services along a PPF, tradeoffs exist because
A) not all production is efficient. B) society has only a limited amount of productive resources. C) buyers and sellers often must negotiate prices. D) human wants and needs are limited at a particular point in time.
Macroeconomists test their theories using controlled economy-wide experiments of various kinds
a. True b. False Indicate whether the statement is true or false
"A $1,000 tax paid by a poor person may be a larger sacrifice than a $10,000 tax paid by a wealthy person" is an argument in favor of
a. the horizontal equity principle. b. the benefits principle. c. a regressive tax argument. d. the ability-to-pay principle.