Imports from China represent ____ of total U.S. imports
a. less than 20%
b. approximately 40%
c. approximately 60%
d. more than 80%
a
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Earth Movers & Shakers operates 3 iron ore mines. The table below shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total TonsPer DayNumber ofMinersMother Lode10025Scraping Bottom3010Middle Drift7515The opportunity cost of moving one miner from Mother Lode to another mine is:
A. 4 tons per day. B. 1 ton per day. C. 2 tons per day. D. 3 tons per day.
Under which of the following circumstances would the government be running a deficit?
A) G = $7 trillion T = $10 trillion TR = $3 trillion B) G = $7 trillion T = $7 trillion TR = $0 C) G = $5 trillion T = $5 trillion TR = $1 trillion D) G = $5 trillion T = $7 trillion TR = $1 trillion
Which of the following is true concerning the impact of tariffs and quotas?
a. Tariffs raise the price of a good but quotas do not. b. Tariffs reduce consumer and producer surplus whereas quotas reduce domestic consumer surplus and increase domestic producer surplus. c. Both tariffs and quotas increase the quantity demanded. d. The revenue resulting from a tariff goes to the government whereas the revenue resulting from a quota goes to whoever is awarded the right to sell the product. e. The potential welfare loss is greater with tariffs than quotas.
A monopolist's supply curve cannot be derived directly from its marginal cost curve as in the case of a competitive firm
a. True b. False Indicate whether the statement is true or false