A tariff is
A. a tax on imports.
B. a limit on the quantity of a good that can be imported into a country.
C. a government payment made to domestic firms to encourage exports.
D. a payment made by the government to producers of the product.
Answer: A
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If the costs of negotiating and enforcing contracts are _____ relative to the benefits, buyers and sellers have incentives to make economically efficient arrangements that _____ value
a. high; increase b. low; increase c. high, decrease d. low; decrease
Wages in the United States are higher than wages in China primarily because
a. worker productivity is higher in the United States. b. in the United States, less capital is required per employee. c. China has more natural resources that employees can work with. d. the United States has more people and, therefore, a larger number of skilled workers.
Ellie has been working for an engineering firm and earning an annual salary of $80,000 . She decides to open her own engineering business. Her annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. Ellie will cover her start-up expenses by cashing in a $20,000 certificate of
deposit on which she was earning annual interest of $500 . According to Ellie's accountant, which of the following revenue totals will yield her business $50,000 in profits? a. $55,200 b. $105,200 c. $132,500 d. $185,700
The phrase "bundle of legal rights" is properly included in
A) the definition of real property. B) a legal description. C) real estate transactions. D) leases for less than one year.