All else held equal, economists would prefer a tariff over an import quota because
A. domestic producers can charge higher prices with a tariff than with an import quota.
B. compared with an import quota, a tariff enables consumers to pay lower prices.
C. a tariff enables the government to collect revenue, whereas an import quota does not.
D. a tariff allows the market to adjust import quantities if domestic supply, domestic demand, or world price changes.
Answer: D
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Using the above table, the labor force is
A) 380,000. B) 911,000. C) 930,000. D) 569,000.
A change in technology that increases the marginal physical product of an input will: a. shift the input demand curve to the left
b. shift the input demand curve to the right. c. result in a movement down along the input demand curve. d. result in a movement up along the input demand curve.
A private good is characterized by excludability and depletability.
Answer the following statement true (T) or false (F)
Which of the following represents a decrease in cash flows?
a) Increase in Accounts Payable b) Decrease in Inventory c) Decrease in Wages Payable d) Increase in Deferred Revenue