If the United States imports televisions and the U.S. government imposes a tariff on televisions, then
a. total surplus in the American television market decreases.
b. producer surplus in the American television market increases.
c. U.S. imports of foreign televisions decrease.
d. All of the above are correct.
d
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The figure above shows the market for college education in the United States. The efficient quantity of college education is ________ students per year
A) 10 million B) 12 million C) 17 million D) 18 million E) 14 million
The above figure shows the supply and demand curves for high-skilled and low-skilled labor. Low-skilled workers earn a wage rate of
A) $15 per hour. B) $12 per hour. C) $9 per hour. D) $6 per hour.
Suppose a developing country experiences a reduction in machinery and capital equipment as foreign entrepreneurs decrease the amount of investment in the economy. As a result
A) the economy will move up along the long-run aggregate supply curve. B) the long-run aggregate supply curve will shift to the right. C) the long-run aggregate supply curve will shift to the left. D) the economy will move down along the long-run aggregate supply curve.
The construction of demand and supply curves assumes that the primary variable influencing decisions to produce and purchase goods is:
A. price. B. expectations. C. preferences. D. incomes.