An argument in favor of free trade is that trade barriers force consumers to pay higher prices for protected products than they would otherwise pay.
Answer the following statement true (T) or false (F)
True
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A normal good is a good whose quantity demanded
A. rises when its price falls. B. falls when the price of a related good falls. C. falls when the consumer’s total utility rises. D. rises when the consumer’s real income increases.
In an effort to increase government revenue, Congress and the president decide to increase the corporate profits tax. The likely result will be
A) the supply curve for bonds shifts to the left. B) the demand curve for bonds shifts to the left. C) the equilibrium interest rate rises. D) the equilibrium price of bonds falls.
A new U.S. tariff on imported steel would be likely to: a. raise the cost of production to steel-using American firms. b. generate tax revenue to the government
c. increase U.S. production of steel. d. all of the above
After Hurricane Katrina, the supply curve for oil shifted to the left, and as a result
A. gas prices remained at the equilibrium price. B. there was a corresponding shift of the demand curve. C. a new equilibrium price was reached. D. the equilibrium point moved along the supply curve.