Economically speaking, tariffs are
a. a means to promote economic efficiency.
b. necessary to keep the industries of an economy healthy.
c. the same as import quotas.
d. obstacles that limit voluntary exchange.
D
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Phil's filling station gas station operates on a patch on the highway in a patch where there were no gas stations close by. It enjoyed high profits. After a while, Glen's gas another gas station opened up close by. The profits for the first gas station are likely to decrease because
a. it has to lower prices, since its product is now more price elastic b. It has to lower prices since its product is now more price inelastic c. due to the increased availability of substitutes d. both A&C
What will actual unemployment be (in relation to the natural rate) in each of the following cases? Use a graph of the modern Phillips curve in your answer
a. Decision makers underestimate inflation. b. Decision makers overestimate inflation. c. Decision makers correctly forecast inflation.