Tariffs
a. benefit consumers by lowering prices
b. harm producers by decreasing competition in the product market
c. harm consumers by increasing the quantity of goods available
d. skew the terms of trade in favor of importing nations
e. benefit domestic producers because they can charge higher prices and sell more output
E
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One should expect the forward exchange market to flourish
A) under a fixed exchange rate regime. B) under a flexible exchange rate regime. C) under neither fixed nor flexible exchange rate regimes. D) under both fixed and flexible exchange rate regimes. E) only under a gold standard.
The regular earnings profile of an individual throughout his or her lifetime is
A) the Lorenz curve. B) the age-earnings cycle. C) wealth. D) income-in-kind.