If protective import-restricting quota are imposed by a country, all of the following groups benefit EXCEPT
A) domestic producers in the affected industry.
B) domestic consumers in the affected industry.
C) employees of domestic producers in the affected industry.
D) importers that are able to obtain the rights to sell imported items in the affected industry.
B
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If the opportunity cost of time is ________, and an individual spends ________ commuting every month, his opportunity cost of commute is $100 every month
A) $5 per hour; 10 hours B) $8 per hour; 20 hours C) 10 per hour; 10 hours D) $12 per hour; 5 hours
If rapid increases in oil prices caused price levels to increase and real GDP to decrease in the short run, the economy would experience
A) an increase in the natural rate of unemployment. B) stagflation. C) long-run economic decline. D) hyperinflation.