A tariff imposed on U.S. imports into Japan tends to:
A) penalize U.S. producers and benefit Japanese producers.
B) benefit U.S. producers and penalize Japanese producers.
C) penalize both U.S. producers and Japanese producers.
D) benefit both U.S. producers and Japanese producers.
Answer: A) penalize U.S. producers and benefit Japanese producers.
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An economy at short-run equilibrium with a recessionary gap may:
a. suffer high unemployment for a long time b. have hyperinflation for a considerable period of time. c. suffer huge losses due to high input prices for a long time. d. have a large unsold stock of inventories.
Countries that impose high tariffs, exchange rate controls, and other barriers that restrict international trade have, on average,
a. high rates of economic growth. b. low rates of economic growth. c. a large export sector. d. a large import sector.