A tariff is
A) a foreign bond.
B) an order for foreign goods that have not yet been delivered.
C) a barter arrangement between importers and exporters.
D) a tax on imported goods.
E) a restriction on the quantity of imported goods allowed into the country.
D
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Economic freedom is a precondition for economic growth. Which of the following is a characteristic of economic freedom?
i. A democratic form of government ii. Property rights must be protected. iii. The government must support and pay for inventions and innovations. A) i only B) ii only C) Both ii and iii D) Both i and ii E) Both i and iii
With capital on the vertical axis and labor on the horizontal axis, vertical isoquants imply that
A) capital and labor are perfect substitutes. B) capital and labor must be used together in a certain proportion. C) capital is not productive. D) labor is not productive.
Which of the following best explains the source of consumer surplus for Good A? a. Many consumers pay prices that are greater than the equilibrium price of Good A
b. Many consumers would be willing to pay more than the market price for some units of Good A. c. Many consumers think the market price of Good A is greater than its cost. d. Many consumers of Good A place a value on it that is less than the market price.
If a number greater than the mean (average) of a series of observations is added to the series, the new mean is:
A) greater than the original mean. B) smaller than the original mean. C) same as the original mean. D) either greater or smaller than the original mean depending on the number of observations in the series.