Which of the following is true of a tariff?
a. It is a tax levied by the government on domestic production of goods and services.
b. It is a quantitative restriction on imports imposed by the government.
c. It is a monetary benefit received by exporters from the government.
d. It is a monetary benefit received by importers from the government.
e. It is a tax on import and export levied by the government.
e
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The demand curve for labor of Coca-Cola manufacturers will not shift to the right if:
A. Coca-Cola workers become unionized. B. the price of Coca-Cola increases. C. the firms innovate with new technology that raises labor productivity. D. the price of Pepsi increases.
Assume that an oligopolist has a kinked demand curve. Suppose that the marginal cost curve passes through the gap in the marginal revenue curve. This means price and output will be shown by a point:
A. above the curve. B. below the curve. C. at the kink. D. on the upper part of the curve.