A tariff
a. is usually set by domestic producers of a good
b. can be either a fixed dollar amount or a percentage of a good's value
c. decreases domestic price for a good, holding all else constant
d. improves economic efficiency in the importing nation
e. improves economic efficiency in the exporting nation
B
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Chief Justice John Marshall had a strong conviction that
(a) slavery would only work in the South. (b) a country needs a central government with enough power to place in check state and local interests when the development and growth of the country is concerned. (c) strong state banking systems would help the nation's commerce. (d) the Constitution should be interpreted literally.
If a 30 percent change in price causes a 15 percent change in quantity supplied, then the price elasticity of supply is about
a. 0.5, and supply is elastic. b. 0.5, and supply is inelastic. c. 2, and supply is inelastic. d. 2, and supply is elastic.