A tariff is a
A) tax imposed on domestic producers of export goods.
B) legal limit on the amount of a good that can be imported.
C) tax imposed on imported goods.
D) legal limit on the amount of a good that can be produced by foreign owners of a firm located in a host country.
C
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Public goods face the
A) principle of rival consumption. B) free-rider problem. C) law of overproduction. D) exclusion principle.
Who is the leading proponent of the monetarist theory?
a. John Maynard Keynes b. Paul Volcker c. Adam Smith d. Milton Friedman e. Alan Greenspan
Vertical equity refers to the notion that equally situated individuals should be taxed equally
a. True b. False Indicate whether the statement is true or false
Price discrimination adds to social welfare in the form of (i) increased total surplus. (ii) reduced costs of production. (iii) increased consumer surplus
a. (i) only b. (i) and (ii) only c. (i) and (iii) only d. (i), (ii), and (iii)