A tariff is a
a. tax on exports
b. limit on the quantity of exports
c. limit on the quantity of imports
d. tax on imports
e. subsidy on imports
D
Economics
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Figure 10.2 A Macroeconomic Model with Government Spending and Taxes
What will be an ideal response?
Economics
Which of the following is true of the law of supply?
a. The law of supply is the sole determinant of market prices. b. The law of supply states that as the price of a good rises, the quantity supplied rises. c. The law of supply holds good only in the long-run. d. The law of supply is valid only in a market system of allocation. e. The law of supply asserts that as the cost of producing a good rises, the quantity supplied rises.
Economics