If the United States imposes tariffs on steel imports the:
A. demand for steel shifts to the left and raises its market price.
B. supply of the imported steel shifts to the left and raises its market price.
C. demand for steel shifts to the left and lowers its market price.
D. supply of steel shifts to the right and lowers its market price.
Answer: B
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Rent-seeking activity
a. is any revenue associated with long-term leases b. is any costly action a firm undertakes to acquire or maintain monopoly power c. is an attempt to inflate costs and reduce tax liabilities d. occurs when a monopoly leases out some of its assets e. is any rational action a consumer undertakes in seeking the lowest rent
If the short-run price elasticity of demand for hospital care is 0.27, then the long-run price elasticity should be
a. greater than 0.27 b. greater than 1.00 c. less than 0.27 d. equal to 0.27 e. less than 0
Mexico and the United States are trading partners. If Mexico experiences a recession, the _____
a. aggregate demand curve of the United States will shift rightward. b. aggregate demand curve of the United States will shift leftward. c. aggregate supply curve of the United States will shift rightward. d. aggregate supply curve of the United States will shift leftward.
Which of the following functions does the Federal Reserve System not perform?
A. Lending money to banks and thrifts. B. Providing banking services to the general public. C. Providing financial services to the Federal government. D. Issuing the paper currency in the economy.