Ultimately, tariffs ________ prices for imported goods and ________ prices for domestic goods
A) raise; raise
B) raise; lower
C) raise; do not affect
D) do not affect; do not affect
A
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Which of the following lies primarily within the realm of microeconomics?
a. an empirical analysis of the relationship between the growth of the money supply and the rate of inflation b. an economic model forecasting the impact of a tax increase on consumer spending and national output c. a study of supply and demand conditions in the market for orange juice d. a model forecasting the impact of a change in interest rates on the level of investment in the economy
Which of the following is a positive economic statement?
a. A tax on butter will reduce the quantity of butter sold. b. The rich do not pay enough in taxes. c. People in poor countries should not work for less than $5 per hour. d. All of the above are positive economic statements.