The larger the U.S. imposed per unit import tariff on a good imported and produced in the U.S.,
A) the smaller the U.S. consumer surplus.
B) the larger the U.S. producer surplus.
C) the larger the government revenue.
D) All of the above.
D
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Economists consider profit to be
A) a cost of producing goods and services. B) something that should be eliminated by antitrust laws. C) the same as a salary. D) a reward for incurring losses.
The slope of the consumption function is
A) equal to the MPC and is equal to 1. B) not equal to the MPC and is equal to 1. C) equal to the MPC and is less than 1. D) equal to the MPC and is greater than 1. E) not equal to the MPC and is less than 1.
Which of the following is a microeconomic problem?
a. frictional unemployment. b. structural unemployment. c. cyclical unemployment. d. natural unemployment. e. inflation.
Suppose the price level is fixed, the MPC is .5, and the GDP gap is a negative $80 billion. To achieve full-employment output (exactly), government should:
A. increase government expenditures by $80 billion. B. reduce government expenditures by $40 billion. C. reduce taxes by $40 billion. D. reduce taxes by $80 billion.