A tariff is
A) a government-imposed restriction on the quantity of a specific good that can be imported into the country.
B) a tax on imported goods.
C) a subsidy on domestically produced goods.
D) a voluntary agreement to restrict exports.
Answer: B
Economics
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Assume a change in price causes the price elasticity of demand for a good (in absolute value) and marginal revenue to decrease. In this case we can conclude that the price of the good was:
A) increased. B) held constant. C) decreased. D) cannot be determined.
Economics
If two units of a good provide 8 utils and the marginal utility of the third unit of the good is 2 utils, what is the total utility from consuming three units of the good?
A) 2 utils B) 8 utils C) 10 utils D) 6 utils
Economics