Because low tariffs have a high ratio of benefits to costs, they are an especially efficient way for nations to achieve full employment and growth
Indicate whether the statement is true or false
FALSE
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What is the natural level of output?
When disposable income equals $800 billion, planned consumption expenditure equals $600 billion, and when disposable income equals $1000 billion, planned consumption expenditure equals $760 billion. What is the marginal propensity to save?
a) 0.8 b) 0.64 c) 0.25 d) 0.2
When can a country gain a price advantage on imports by imposing a tariff?
A. When it is the largest country with absolute advantage in all goods B. When it has a comparative advantage in the production of all goods C. When it can do so without other countries retaliating with tariffs D. When trade agreements prohibit quotas but permit tariffs
Refer to the information provided in Figure 3.16 below to answer the question(s) that follow.
Figure 3.16Refer to Figure 3.16. When the economy moves from Point E to Point B, there has been
A. a decrease in supply and an increase in quantity demanded. B. a decrease in supply and an increase in demand. C. an increase in supply and an increase in quantity demanded. D. an increase in both supply and demand.