If protective import-restricting tariffs are imposed by a country, in the majority of cases that nation's producers end up
A. receiving a higher price for the good than they otherwise would.
B. producing less of the good than they otherwise would.
C. receiving a lower price for the good than they otherwise would.
D. receiving a lower profit for the domestic good than they otherwise would.
Answer: A
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In 2008, the nominal minimum wage rate was $7.25 an hour and the CPI was 200. The real minimum wage rate in 2008 was
A) $3.63 an hour. B) $14.50 an hour. C) $1450 an hour. D) $26.32 an hour. E) $7.25 an hour.
Market equilibrium occurs where the quantity supplied is equal to the quantity demanded
Indicate whether the statement is true or false
All points within the production possibilities frontier are
A) unattainable. B) efficient. C) inefficient. D) profitable.
Eli can decide between two jobs. One job is harvesting grapes at a local vineyard. He would earn $8 every hour he works there. He could also earn $7 an hour working as a bagger at the local grocery. Assuming Eli can only choose between these 2 jobs and that the benefits of both jobs are the same. If Eli decides to work at the grocery store as a bagger the opportunity cost every hour he decides to work at the grocery is:
A. more than $8. B. less than $8. C. exactly $8. D. exactly $7.