Many countries impose tariffs or quotas to protect the domestic industry from competition.
Answer the following statement true (T) or false (F)
True
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Suppose a shortage for good X exists. Given this information, we know that
A) the price of good X will tend to rise toward the equilibrium level. B) the price of good X will tend to fall toward the equilibrium level. C) a government price floor should be imposed above the current price so that the market can work more effectively. D) a government price ceiling should be imposed above the current price so that the market can work more effectively.
Oligopoly is a market structure in which
a. there are only two sellers. b. there are relatively few producers. c. no firm can influence price. d. there are many producers.
In which of the following market structures do you find many sellers?
A. monopolistic competition B. perfect competition C. monopoly D. Both monopolistic competition and perfect competition are correct
Decreasing returns to capital (K) implies that a 4% increase in K will cause
A) a reduction in output per worker (Y/N). B) a reduction in K/N. C) Y to increase by exactly 4%. D) Y to increase by less than 4%. E) no change in Y/N.