If a nation imposes a tariff on an imported product, then that nation will experience a(n)
A. decrease in the supply of, and an increase in the quantity demanded of, the product.
B. increase in the quantity supplied of, and a decrease in the price of the product.
C. decrease in demand and a decrease in the price of the product.
D. decrease in quantity supplied and an increase in the price of the product.
Answer: D
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The present value of $1 payable in the future decreases
a. the higher r is and the sooner it is to be paid. b. the lower r is and the sooner it is to be paid. c. the higher r is and the longer time until it is paid. d. the lower r is and the longer time until it is paid.
The aggregate supply curve is defined as:
a. net national product. b. the sum of wages, rent, interest, and profits. c. the real GDP produced at different price levels. d. the total dollar value of household expenditures.