The production effect of a tariff measures the welfare gain of domestic producers who can sell their product at a higher price as a result of the tariff.
Answer the following statement true (T) or false (F)
False
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Opportunity cost means the
A) accounting cost minus the marginal cost. B) highest-valued alternative forgone. C) accounting cost minus the marginal benefit. D) monetary costs of an activity.
Which of the following is false?
a. Tangible goods are inherently more valuable than intangible goods. b. Scarcity forces people to compete c. The elimination of a bad can be considered a good. d. None of the above is false; all are true.
Government outlays
a. are the same as "G" in the short-run macro model. b. do not include transfer payments. c. are always smaller than government purchases. d. are always greater than government purchases. e. tend to decline in the long run.
If the interest rate is 10 percent, the net present value of $500 to be received one year from now is
a. $413.22. b. $450. c. $454.55. d. $500.