Which of the following is an expected effect of a tariff or a nontariff barrier (NTB) on a product?
A. An increase in domestic consumption of the imported product
B. A decrease in the domestic production of the product
C. An increase in the employment of labor and other resources used in the import-competing industry in the tariff-imposing country
D. A decrease in government revenue
Answer: C
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Government purchases are defined as
A) only goods purchased by federal, state, or local governments. B) all goods and services purchased by the federal government. C) all goods and services purchased by the federal or state government. D) all goods and services purchased by the federal, state, or local government. E) goods and services purchased from the government.
Governments around the world tend to auction quota licenses
A) never. B) seldom. C) often. D) always.
Lower real interest rates
a. tend to shift the consumption function upward. b. have no significant effect on consumption. c. tend to shift the consumption function downward. d. tend to move the consumer upward along the consumption function.
Suppose Chip's Chips produces bags of potato chips. An example of a fixed cost for this company would be:
A. the factory building. B. the deep fryer. C. a potato peeling machine. D. All of these are examples of fixed costs.