If the United States imposed higher tariffs and more restrictive quotas that reduced imports,
What will be an ideal response?
the U.S. would gain at the expense of other countries.
You might also like to view...
When 2,000 hamburgers per day are produced, the marginal social benefit is $1.50 and the marginal social cost is $1.00. And when 7,500 hamburgers per day are produced, the marginal social benefit is $1.00 and the marginal social cost is $1.50
The efficient production quantity of hamburgers is ________ a day. A) more than 7,500 B) 7,500 C) between 2,000 and 7,500 D) 2,000
The demand for most farm products is relatively inelastic. All else constant, what is the effect on farm revenues as a result of the introduction of new and better farm equipment which increases productivity?
A) Farm revenues could increase or decrease depending on the cost of this new equipment. B) Farm revenues remain constant because consumers will not increase their consumption of farm products by much. C) Farm revenues increase. D) Farm revenues decrease.
In a one-period economy, real consumption
A) is always less than disposable income. B) is typically greater than disposable income. C) is exactly equal to disposable income. D) can be greater than, less than, or equal to disposable income.
When sellers have more information about hidden characteristics of a good than buyers have, more low-quality units are likely to be sold than high-quality units. This is
a. the law of diminishing marginal returns b. the law of natural selection c. the winner's curse d. the lemons problem e. the problem of common pools