Which of the reasons given for tariff protection make consumers better off by generating lower prices?
A) infant industry argument
B) protecting U.S. jobs argument
C) anti-dumping argument
D) None provides lower prices for domestic consumers.
Answer: D
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How does a market system prevent people from getting as many goods and services as they wish?
A) In a market system, firms can charge any price they want, thus preventing poor people from getting as many goods and services as they wish. B) Governments interfere with the market mechanism to influence the allocation of goods and services. C) The market system allocates goods and services to those who are able to pay for those products and therefore income is a limiting factor. D) The government imposes taxes on those who earn beyond a certain amount of income.
A small business owner earns $60,000 in revenue annually. The explicit annual costs equal $40,000. The owner could work for someone else and earn $25,000 annually. The owner's accounting profit is ________ and owner's economic profit is ________
A) $20,000, $5,000 B) $20,000, -$5,000 C) $25,000, -$5,000 D) $45,000, -$5,000