Restricting imports into a small country by the government
A. increases the general welfare of the importing nation.
B. protects domestic producers from foreign competition.
C. increases consumer welfare in the country.
D. all of the above.
Answer: B
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? Scalpers (people selling tickets at a price above the stated price, P*) were spotted at this year’s Super Bowl game. This suggest that
A. P* is less than the equilibrium price. B. P* is greater than the equilibrium price. C. P* is the equilibrium price. D. it’s not possible to determine anything about the equilibrium price with this information.
Owners of small firms in countries with weak banking systems have to rely on funds from all of the following EXCEPT:
A) their own savings B) local lenders who charge high interest rates C) global investors D) the savings of relatives and friends
If the tax system is made more progressive, the pre-tax wages of low-income workers would _____
a. fall b. rise c. stay constant d. rise or fall depending upon job market conditions
A good with a high income elasticity is generally considered to be
a. an inferior good. b. a luxury good. c. a necessity. d. inexpensive, relative to other goods.