Of the many arguments in favor of tariffs, the one that has enjoyed significant economic justification has been the
A) cheap foreign labor argument.
B) infant industry argument.
C) even playing field argument.
D) balance of payments argument.
E) domestic living standard argument.
B
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If the elasticity of supply is much greater than the elasticity of demand, an excise tax levied on the suppliers will
a. cause the suppliers to incur a greater burden of the tax than demanders b. cause the demanders to incur a greater burden of the tax than suppliers c. the burden of the tax will be shared equally between the suppliers and the demanders d. cause the entire burden of the tax to rest on the demanders e. Without more information as to the amount of the excise tax, who will incur a greater burden will be unclear
Liquidity preference refers directly to Keynes' theory concerning
a. the effects of changes in money demand and supply on interest rates. b. the effects of changes in money demand and supply on exchange rates. c. the effects of wealth on expenditures. d. the difference between temporary and permanent changes in income.