Which of the following arguments for trade restrictions is often advanced?
a. Trade restrictions make all Americans better off.
b. Trade restrictions increase economic efficiency.
c. Trade restrictions are necessary for economic growth.
d. Trade restrictions are sometimes necessary for national security.
d
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Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she decides to charge each customer according to his or her willingness to pay. What is the value of consumer surplus by her customers?
A) $39 B) $28 C) $11 D) $0
A demand curve shows the relationship between:
a. price and quantity demanded. b. the demand and supply schedules. c. demand and supply equilibrium. d. leakages and injections. e. price and technology.
Which of the following tax structures is potentially consistent with the concept of vertical equity?
a. A proportional tax b. A progressive tax c. A regressive tax d. Any of these tax structures are potentially consistent with vertical equity
Chain-weighted measures of real GDP make use of prices from:
A. an unchanging base year. B. a continuously changing base year. C. a base year that is changed approximately every 5 years. D. a base year that is changed approximately every 10 years.