What is a tariff?
What will be an ideal response?
A tariff is a tax on an imported good.
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The reservation value of a buyer reflects her ________
A) willingness to pay for a good or service B) trade-off between buying various goods and services C) total utility from a good or service D) total income
If a monopolist's marginal revenue is $15 per unit and its marginal cost is $25, then to maximize profit the firm should decrease output
Indicate whether the statement is true or false
The average level of tariffs on imported products charged by industrialized countries changed between 1946 and 1990
a. from 5 percent to 40 percent. b. from 40 percent to 5 percent. c. from 10 percent to 20 percent. d. from 20 percent to 10 percent.
Producing the socially optimal (efficient) quantity of goods in an economy is consistent with
a. having prices set, for every good, as low as possible b. positive externalities and no government intervention in the economy c. achieving total maximum utility in the economy d. the value of resources used to produce goods is, for each good, less than the value consumers place on the good e. society's opportunity costs being understated