A reason tariffs and quotas are imposed is that
A) their costs are spread among many people and their benefits are concentrated.
B) their costs are concentrated and their benefits are spread among many people.
C) they create net benefits in the long run.
D) they reduce import dependence.
A
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If a firm's use of labor obeys the law of diminishing returns, then:
a. it does not have enough time to hire or fire workers. b. doubling the number of workers causes the firm's output to also double. c. its marginal costs must be falling. d. hiring additional workers adds less and less additional output.
Mary receives a consumer surplus of $500 from purchasing a purse. If the market price of the purse is $1,500, the price Mary is willing to pay is $1,600
a. True b. False Indicate whether the statement is true or false
What effect does restrictive monetary policy have on short-term real interest rates?
a. Restrictive monetary policy tends to push short-term interest rates upward. b. Restrictive monetary policy tends to push short-term interest rates downward. c. The effect of restrictive monetary policy on short-term interest rates is unpredictable. d. Restrictive monetary policy has no effect on short-term interest rates.
In its simplest form, Say’s law states that ______.
a. supply creates its own demand b. prolonged unemployment is possible c. full employment means zero unemployment d. wages and other prices are inflexible