The United States does not impose tariffs or quotas; however, many of its trading partners do have these trade restrictions
a. True
b. False
B
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As a result of money in an economy,
A) transaction costs are higher than would be the case in a barter economy. B) people are greedier than in a barter economy. C) real Gross Domestic Product (GDP) and economic growth are greater than they would be in a barter economy. D) stealing exists and people have to find ways to prevent theft.
Costume jewelry is produced in a monopolistically competitive market. One producer finds that MR = MC = $3 when output is 700 necklaces. An economist studying this information can conclude that:
A. the producer is charging a price of $3. B. economic profit is $2,100. C. the producer charges a price greater than $3. D. new firms will want to enter.
Economic inefficiency exists when
A) P = MR. B) P = MC. C) MR = MC. D) P > MC.
Which statement best characterizes the long-run decline in the agricultural industry?
A. The growth in the demand for farm products has exceeded the growth in the supply of such products, causing rising farm product prices and falling farm income B. The growth in the supply of farm products has exceeded the growth in the demand for such products, causing falling farm product prices and falling farm income C. The supply of farm products has increased while the demand for such products has decreased, causing falling farm product prices and falling farm income D. The demand for farm products has increased while the supply of such products has decreased, causing rising farm product prices and rising farm income