When the United States imposes a tariff on an imported good, the
A) quantity of the good produced in the United States decreases.
B) amount imported increases.
C) price of the good in the United States falls.
D) outcome becomes more efficient.
E) quantity of the good purchased in the United States decreases.
E
Economics
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If the income elasticity of demand for corn is 0.5, then as income increases
A) the demand for corn will increase. B) the demand for corn will decrease. C) corn will prove to be an inferior good. D) the supply curve of corn will shift leftward.
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When modeling consumer choice, the price ratio of the two products is the:
A. demand for the two products. B. equilibrium exchange rate. C. point of tangency for equilibrium. D. slope of the budget line.
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