The three major differences between tariffs and trade quotas are (1) __________________; (2) ________________; and (3) _________________.
Fill in the blank(s) with the appropriate word(s).
unlike quotas, tariffs raise tax revenues; a tariff affects all foreign sellers equally, but quotas are directed arbitrarily against particular sellers; tariffs may be more easily paid by efficient producers, but quotas may allow relatively inefficient producers to send us their goods, while keeping out those of their more efficient competitors
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In the figure above, consumer surplus at the price that maximizes the profit for an unregulated, single-price monopolist is the area of
A) rectangle 0heb. B) triangle abe. C) triangle eig. D) rectangle 0hgd.
The Consumer Price Index is used specifically to measure the
A. Inflation rate. B. Business cycle. C. Growth rate of the economy. D. Unemployment rate.
Although it has had some criticism for ineffectiveness, in what way has the North American Agreement on Labor Cooperation had some positive benefits?
a. It created an institutional forum for the discussion of labor issues in Canada, the United States, and Mexico b. It prohibited any one NAFTA member country from publicly revealing violations of labor laws in other NAFTA member countries. c. It reduced the emphasis on labor rights as a legitimate trade issue d. All of these answer choices are examples of the positive benefits.
When the economy is going strong the:
A. demand for workers decreases. B. supply of workers increases. C. demand for workers increases. D. supply of workers decreases.