Of the following, who gains from a tariff?
A) the government of the importing country
B) the government of the exporting country
C) consumers in the importing country
D) producers in the exporting country
E) both the government of the exporting country and the government of the importing country
A
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Which good most likely has the lowest elasticity of demand?
A) Macintosh computers B) Toothpicks C) Chemotherapy treatment D) Sirloin steaks E) VCR players
Firms in monopoly or monopolistically competitive market structures do not have traditional supply curves as firms in perfect competition do
a. True b. False
When a binding price ceiling is imposed on a market to benefit buyers,
a. every buyer in the market benefits. b. every buyer and seller in the market benefits. c. every buyer who wants to buy the good will be able to do so, but only if he waits in long lines. d. some buyers will not be able to buy any amount of the good.
The business structure in which organizations are fictitious legal entities whose formulation complies with specific state laws is known as a
a. sole proprietorship b. general and limited partnership c. subchapter S corporation d. C corporation e. limited liability corporation or partnership