Ad valorem tariffs are collected as
A) fixed amounts of money per unit traded.
B) a percentage of the price of the product.
C) a percentage of the quantity of imports.
D) All of the above.
B
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The following table shows the hours of labor supplied by six workers at different wage rates:
Wage Rate (per hour) Amanda (hours worked per day) Wendy (hours worked per day) Shaun (hours worked per day) Kevin (hours worked per day) Leo (hours worked per day) Ryan (hours worked per day) $12 4 3 2 4 3 5 $18 6 7 4 6 7 8 $24 8 9 9 9 10 11 $30 9 10 11 11 12 13 $36 10 11 12 12 13 14 a) If the market for labor consists of only these six workers, calculate the market supply of labor at the different wage rates. b) If the market demand for labor is 56 hours per day, what is the equilibrium wage rate? c) If the market demand for labor is 38 hours per day, what is the equilibrium wage rate?
Pegging a country's exchange rate to the dollar can be advantageous if
A) investors believe the dollar to be more stable than the domestic country's currency. B) a country wishes to conduct independent monetary policy. C) imports are not a significant fraction of the goods the country's consumers buy. D) the country does not trade much with the United States.
Comparative advantage is defined as
A) producing all goods at lower opportunity costs than other countries can. B) producing more output of all goods than anyone else can. C) producing one good at a lower opportunity cost than another country can. D) the ability to produce more output from given inputs than anyone else can.
In the circular flow model, for every flow of goods, services, and resources there is a counter-flow of
a. more goods, services, and resources b. people from firms to households c. people from households to firms d. money e. land, labor, capital, and entrepreneurship