In 2018, why did the United States impose temporary safeguard tariffs beginning at 30 percent on imports of solar panels and up to 50 percent on imports of washing machines?
A. The United States wanted to ensure that it remained a net exporter of washing machines and solar panels.
B. The U.S. International Trade Commission found that rising imports had harmed U.S. firms in these industries.
C. The United States government imposed tariffs on washing machines and solar panels in retaliation for other countries' tariffs on U.S. exports of durable goods.
D. Because of growing U.S. demand for washing machines and solar panels, the United States government saw the opportunity to increase government revenue and imposed tariffs on these products.
Answer: B
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The law of diminishing marginal returns states that
a. long-run average cost declines as output increases b. if the marginal product is above the average product, the average will rise c. as units of a variable input are added to a given amount of fixed inputs, the marginal product of the variable input eventually diminishes d. as a person consumes more of a good, the marginal satisfaction from that good eventually diminishes e. if marginal product is positive, total product rises
The MRP of labor will shift to the left if
A) labor productivity increases. B) labor productivity decreases. C) wages increase. D) wages decrease.