What is the domestic price of sugar in a closed economy? 
A. $3,000/ton
B. $1,000/ton
C. $2,000/ton
D. $500/ ton
Answer: A
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"Sin taxes," such as taxes on alcoholic beverages, are intended to
A) generate funds to aid in the medical care of those harmed by the product. B) reduce the quantity demanded. C) generate money to subsidize production of the products taxed. D) increase the amount of the products supplied.
It may be demonstrated that any protectionist policy, which effectively shifts real resources to import competing industries or sectors will harm export industries or sectors. This may, for example, happen by the strengthening U.S
dollar in the foreign exchange market. Would you propose therefore that export industries lobby against protectionism in International Trade Commission proceedings? What of consumer advocates? Discuss the pros and the problems of such a suggestion.
Private donations of aid are:
A. a dwindling portion of aid given to foreign countries. B. larger than the entire budget for official foreign aid provided by the U.S. C. a significant portion of aid, nearly half as much as the budget for official foreign aid provided by the U.S. D. not generally counted in aid statistics that are reported by various aid agencies.
The largest single portion of the federal budget is devoted to
a. National defense. b. Medicare and Medicaid. c. Social Security and unemployment compensation. d. Education. e. Interest payments on the national debt.