Answer the following statements true (T) or false (F)
1. Tariffs and import quotas meant to increase domestic employment also eliminate domestic jobs in export industries.
2. Whenever a foreign producer is selling a product like steel at a lower price than domestic producers, then dumping is being practiced and must be corrected.
3. The World Trade Organization was established by the United States to force other nations to open their markets to U.S. goods.
4. NAFTA is a trade agreement that covers trade between the United States and the European Union.
1. T
2. F
3. F
4. F
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An increase in income causes compensated demand curves to shift inward and regular demand curves to shift outward.
Answer the following statement true (T) or false (F)
An ordinance making it illegal for people to park commercial vehicles on the street overnight in residential areas
A) protects property rights. B) takes away property rights. C) protects some property rights and takes away others. D) has nothing to do with property rights. E) reduces negative externalities for residents of affected areas.
Everything else held constant, in the market for reserves, when the federal funds rate equals the interest rate paid on excess reserves, raising the interest rate paid on excess reserves
A) increases the federal funds rate. B) lowers the federal funds rate. C) has no effect on the federal funds rate. D) has an indeterminate effect of the federal funds rate.
Consider a world with two income earners and an income tax. Individual A earns $25,000 and pays $1,000 in taxes. Individual B earns $100,000 and pays $3,000 in taxes. Which of the following best classifies the income tax system in this world?
a. proportional b. progressive c. regressive d. consumption