If the United States raises tariffs on foreign goods, it may achieve
A. Higher efficiency in domestic production.
B. Higher U.S. exports.
C. Higher production possibilities.
D. Greater profitability of import-competing firms.
Answer: D
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The demand curve is constructed with a
A. positive slope, because as more is purchased of a good, the cost of producing it rises. B. positive slope, because as buyers have more money, the more of a particular good will be purchased. C. negative slope, because when people purchase more of a good, the cost to produce that good falls. D. negative slope, because with everything else equal, buyers will purchase more of a good when its price is lower. E. positive slope, because as the price rises, people want to sell more of the good.
Assume that a seller in a perfectly competitive market charges more than competitors are charging. It is likely that this seller will:
A) increase his profit. B) increase his sales. C) lose only a few buyers. D) lose almost all of his buyers.
Which of the following is an example of a principal-agent relationship?
A) The relationship between two colleagues B) The relationship between a teacher and his student C) The relationship between an employer and a worker D) The relationship between two nations
If on Tuesday you can buy 125 yen per U.S. dollar and on Wednesday you can buy 120 yen per U.S. dollar,
a. both the U.S. dollar and the yen have appreciated b. both the U.S. dollar and the yen have depreciated c. the U.S. dollar has appreciated and the yen has depreciated d. the U.S. dollar has depreciated and the yen has appreciated e. the yen has appreciated and the U.S. dollar has remained constant