The major beneficiaries from the elimination of a tariff on a product are the:
A. Foreign consumers of the product
B. Domestic producers of the product
C. Domestic consumers of the product
D. Domestic workers in industries producing the product
C. Domestic consumers of the product
You might also like to view...
What is the distinction between external and internal economies and diseconomies of scale in an industry?
What will be an ideal response?
A telecommunication company divided into different divisions for residential and business Internet service is an example of
a. An M-form of an organization b. A functional organization c. An N-form organization d. All of the above
Sadie is getting ready to go to work where she earns $70 a day as a day laborer. Her friend Caroline calls her and asks her to go swimming with sharks for the day. Sadie decides to go with her. Sadie's choice implies that her opportunity cost of working is:
A. less than $70. B. greater than $70. C. equal to $70. D. Cannot say without more information.
If the opportunity cost of production rises as more of a good is produced,
a. the terms of trade will be independent of opportunity costs b. the production possibilities curve will be a straight line c. a country will specialize in producing only those goods in which it has a comparative advantage d. a country should produce any good in which it has an absolute advantage e. a country may not specialize completely in the goods in which it has comparative advantage