Which of the following works to limit trade by explicitly raising prices (i.e. as a tax)?
A. Tariffs
B. Buy "American advertising"
C. Non-tariff regulatory barriers
D. Quotas
Answer: A
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Economists feel that taxing nominal capital gains imposes costs on the economy due to
a. increased consumption. b. reduced consumption. c. increased investment. d. reduced investment.
In making decisions about insurance:
A. you must consider it in light of the best information available at the time. B. using hindsight is the only way to truly know what the right decision was. C. you need to weigh the cost of the insurance against the benefit of payouts over the life of the contract. D. None of these statements is true.
Which of the following helps determine the demand side of the market?
a. consumers who purchase goods b. companies that sell services c. government officials who enforce regulations d. resource owners who sell raw materials
An economic model:
A. exactly explains what happens in the real economy. B. approximates all facets of what happens in the real economy. C. does not make clear assumptions about the economic activity. D. discards unnecessary details to clearly demonstrate the central principles of the economic activity.