A tariff is a:
a. tax on an exported product.
b. limit on the number of goods that can be exported.
c. limit on the number of goods that can be imported.
d. tax on an imported product.
e. subsidy on an imported product.
d
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Define the production function. Discuss why the production function exhibits diminishing returns
What will be an ideal response?
Job A is hard, dull, and dangerous. Job B is easy, fun, and safe. All else equal, we would expect Job A to pay
a. higher wages than Job B because the labor supplied for Job B will be greater. b. lower wages than Job B because the labor supplied for Job B will be greater. c. higher wages than Job B because the labor supplied for Job A will be greater. d. lower wages than Job B because the labor supplied for Job A will be greater.