What is the term for taxes that governments place on imported goods for a variety of reasons?
a. barriers
b. tariffs
c. goods taxes
d. import taxes
b. tariffs
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If the goods' money prices do not change, a depreciation of the dollar against the pound
A) makes British sweaters cheaper in terms of American jeans. B) makes British sweaters more expensive in terms of American jeans. C) makes American jeans more expensive in terms of British sweaters. D) doesn't change the relative price of sweaters and jeans. E) makes British jeans more expensive in Britain.
If demand is perfectly elastic
A) then a 1% increase in price leads to a fall in quantity of greater than 1%. B) then a 1% increase in price leads to a fall in quantity of less than 1%. C) then a 1% increase in price causes quantity demanded to fall to zero. D) then a 1% increase in price has no effect on quantity demanded.
"Mandating longer sentences for any criminal's third arrest will lead to a reduction in crime. Less crime will reduce the number of police officers cities will hire." This quotation: a. contains positive statements only
b. contains normative statements only. c. contains both normative and positive statements. d. contains neither normative nor positive statements.
Approximately how much of the world's output does the United States produce?
A. 18 percent. B. 5 percent. C. 30 percent. D. 12 percent.