The effects of tariffs and quotas are: a(n) __________ in the prices of imported goods to domestic consumers, and a(n) __________ in imports
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease
B
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A significant increase in the price of tennis balls will most likely lead to
A) an increase in the demand for tennis racquets. B) an inward shift in the demand for tennis balls. C) a movement along the demand curve for tennis racquets. D) an inward shift in the demand for tennis racquets.
Which is least accurate about foreign trade?
a. In the early 1900s, the most industrialized nations exported foodstuffs and raw materials to the least developed countries. b. After the Civil War, rapid improvements in communications, like the first successful transatlantic cable, lowered the price of trade. c. After the Civil War, rapid improvements in transportation, like the opening of the Suez Canal and developments of railroads, reduced the price of shipping. d. In the late 1800s and early 1900s the network of international trade assumed many of its modern characteristics.
Roads, telephone lines, power facilities, and schools are examples of a nation's
A. technostructure. B. infrastructure. C. physiostructur D. sociostructure.
The determinants of elasticity include
A. price relative to income. B. availability of substitutes. C. time. D. all of the above