An open economy refers to an economy with
A) no trade barriers. B) unrestricted immigration.
C) no government intervention. D) international trade.
D
Economics
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One big difference between tariffs and quotas is that tariffs:
a. stimulate international trade while quotas inhibit it. b. generate tax revenues while quotas do not. c. hurt domestic producers while quotas help them. d. raise the price of a good while quotas lower it.
Economics
The Fairlane Farm has total costs of $15,000 and total variable costs of $2,000. The Fairlane Farm's total fixed costs are __________.
A. $13,000 B. $0 C. $17,000 D. $15,000
Economics