Recall the Application about the impact tariffs have on lower income households to answer the following question(s). Economists have found that tariffs in the United States fall most heavily on lower-income consumers. In the United States, tariffs are very high on textiles, apparel items and footwear, and within these categories the highest tariffs fall on the cheapest products. In general, to protect U.S. industries, tariffs are highest on labor-intensive goods.If the tariffs on textiles, apparel items, and footwear mentioned in the Application were replaced by equivalent voluntary export restraints (VERs), low-income consumers would probably:
A. be better off.
B. be worse off.
C. be no better or worse off.
D. not be subject to the VERs.
Answer: C
Economics
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a. increase the marginal product of land. b. decrease the supply of land. c. decrease the rents on land. d. increase the demand for land.
Economics
All saving in the U.S. economy shows up as
a. investment in the U.S. economy. b. U.S. net capital outflow. c. either investment in the U.S. economy or U.S. net capital outflow. d. None of the above is correct.
Economics