A tariff is:
a. a duty that a company must pay its own government on exports.
b. the price charged by one country to buyers of a good in another country.
c. a price reduction designed to encourage international trade.
d. a tax on an import.
d
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What is the difference between economic growth and economic development?
A. Economic growth examines qualitative changes in the processes by which potential output increases over time, whereas economic development examines how a country moves from one point on its production possibility curve to another point on the curve. B. Economic growth implies qualitative changes in productive processes whereas economic development requires quantitative change in virtually every aspect of life. C. Economic growth implies quantitative changes in productive processes whereas economic development requires widespread structural changes in the way people live. D. There is no difference between the two terms.
Sarah earns $40,000 per year working for a large corporation. She is thinking of quitting this job to work full time in her own business. She will invest her savings of $50,000 (which currently has an annual 10% rate of return) into the business
Her annual opportunity cost of this new business is A) $0. B) $40,000. C) $45,000. D) $90,000.