The lower the price elasticity of foreign supply of a country's imports
A. the lower will be tariff revenue of the government of the imposing country.
B. the lower will be the prohibitive tariff imposed by this country.
C. the higher will be the optimum tariff imposed by this country.
D. the higher will be the fluctuation in the availability of the imported goods in this country.
Answer: C
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In September, buyers of silver expect that the price of silver will rise in October. What happens in the silver market in September, holding all else constant?
A) The demand curve shifts to the right. B) The quantity demanded increases. C) The quantity demanded decreases. D) The demand curve shifts to the left.
The long-run Phillips curve is ________ than the short-run Phillips curve
A) flatter B) steeper C) more volatile D) less stable
Relative to the short-run demand for gasoline, the long-run demand for gasoline is
A) probably more elastic since people need time to change automobiles and driving habits. B) probably less elastic since people need time to change automobiles and driving habits. C) probably more elastic because people can hoard this good. D) probably less elastic because people cannot store this good.
If movies are an inferior good, movie attendance will rise when consumer incomes fall
a. True b. False Indicate whether the statement is true or false