Countries like Argentina and Australia protect agriculture less heavily than other agricultural producers because
A) they have a large comparative advantage in production.
B) it is illegal under WTO rules.
C) they do not have significant agricultural sectors.
D) they are trying to help other countries.
A
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An income tax is defined as regressive if
a. the tax liability of those with higher incomes exceeds the tax liability of those with low incomes. b. the tax liability of those with higher incomes is less than the tax liability of those with low incomes. c. those with higher incomes pay a higher percentage of their incomes in taxes than those with low incomes. d. those with higher incomes pay a lower percentage of their incomes in taxes than those with low incomes.
A Detroit business advertises, “The more we sell, the lower the price, and the lower the price, the more we sell.” This statement implies that the firm is experiencing
A. decreasing returns to scale. B. constant returns to scale. C. increasing returns to scale. D. abnormal demand patterns.