The nominal rate of protection shows the extent to which the domestic price of imported goods exceeds
(a) what the price would be without tariffs.
(b) the cost of intermediate inputs.
(c) the social opportunity costs of the good.
(d) the no-trade equilibrium price.
A
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Gross national product is defined as
A) the value of final goods and services produced by residents of the United States even if the production takes place outside of the United States. B) the value of final goods and services produced within the United States, by United States residents. C) the value of final goods and services produced outside of the United States. D) the value of final goods and services produced within the United States.
If we observe that when the price of chocolate increases by 10%, total revenue increases by 10%, then the demand for chocolate is unit price elastic
a. True b. False Indicate whether the statement is true or false
The dilemma in a prisoner's dilemma is that:
A. the players would be better off if they both played a dominated strategy. B. only one player has a dominant strategy, but the other player is uncertain about what to do. C. the outcome is random, so players are uncertain about which strategy to play. D. the players may be trapped in a game they don't know how to play.
The wealthy have a ________ marginal propensity to consume.
A. more elastic B. higher C. lower D. less elastic