The willingness to pay for a commodity:
A) decreases as consumption of the commodity increases.
B) increases as consumption of the commodity increases.
C) is always less than the market price of the commodity.
D) is always greater than the market price of the commodity.
A
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If the U.S. (a large country) imposes a tariff on its imported good, this will tend to
A) improve the terms of trade of the United States. B) have no effect on terms of trade. C) improve the terms of trade of all countries. D) cause a deterioration of U.S. terms of trade. E) raise the world price of the good imported by the United States.
Perfect central planning is nearly impossible for all of these reasons except: a. production processes between industries are often interdependent
b. some processes must be decided together, and not individually, because of their interdependence. c. if the output target for one industry is adjusted, many others must also be adjusted. d. all of these reasons are correct.