Which of the following would result from a tariff?
a. An increase in government budget deficit
b. An increase in domestic production
c. A greater volume of international trade
d. Increased domestic consumption
e. Decrease in prices of the imported goods
b
You might also like to view...
In 1980, the U.S. economy had an inflation rate of
a. about 1 percent and an unemployment rate of about 7 percent. b. less than 4 percent and an unemployment rate of less than 6 percent. c. less than 7 percent and an unemployment rate of about 9 percent. d. more than 9 percent and an unemployment rate of about 7 percent.
Suppose a small economy produces only HD TV sets. In year 1, 100,000 sets are produce and sold at a price of $1,200 each. In year 2, 100,000 sets are produced and sold at a price of $1,000 each. As a result:
A. Nominal GDP stays constant, while real GDP decreases B. Nominal GDP decreases, while real GDP stays constant C. Nominal GDP and real GDP both decrease D. Nominal GDP decreases, and real GDP decreases even more