Which of the reasons given for tariff protection make consumers better off by generating lower prices?
A) infant industry argument
B) protecting U.S. jobs argument
C) anti-dumping argument
D) None provides lower prices for domestic consumers.
D
You might also like to view...
When a tariff is imposed, the supply curve for the imported good
A) shifts downward and to the right. B) shifts upward and to the left. C) does not change. D) becomes perfectly inelastic.
The Lorenz curve is best used to measure the distribution of income
a. True b. False Indicate whether the statement is true or false
Jim is negotiating a contract for a labor union. The union wants to increase members' real wages by 4 percent. The inflation rate is predicted to be 7 percent. To attain the union's goal, Jim needs to negotiate a raise in the nominal
a. wage of 4 percent b. wage of 7 percent c. wage of 11 percent d. rate of 3 percent e. rate of 28 percent
Jessica makes photo frames. She spends $5 on the materials for each photo frame. She can create one photo frame in an hour. She earns $10 per hour at a part-time job at the local coffee shop. She can sell a photo frame for $30 each. An accountant would calculate the total profit for one photo frame to be
a. $10. b. $15. c. $20. d. $25.