Refer to Figure 7-2. With the tariff in place, the United States
A) imports 12 million pounds of coffee. B) imports 18 million pounds of coffee.
C) exports 38 million pounds of coffee. D) imports 20 million pounds of coffee.
D
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Gross public debt is
A) the total value of budget deficits plus budget surpluses over the past five years. B) an excess of government spending over government revenues during a given time period. C) a situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given time period. D) all federal government debt irrespective of who owns it.
According to the short-run Phillips curve, which of the following would result in low rates of unemployment?
A) a higher inflation rate B) weak increases in aggregate supply C) a lower inflation rate D) weak increases in aggregate demand