Which of the following is true of import tariffs and quotas?
a. They benefit domestic producers.
b. Domestic consumers gain because they purchase the output of domestic firms.
c. Specialization and comparative advantage are advanced by tariffs and quotas.
d. They tend to expand the volume of world trade.
e. Because they increase the output levels of domestic firms, they tend to lower domestic prices.
A
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Price elasticity of demand measures the
A) slope of the demand curve. B) sensitivity of quantity demanded to changes in the price of substitute goods. C) sensitivity of price to changes in the quantity demanded of substitute goods. D) sensitivity of quantity demanded to changes in price.
"Antebellum transportation improvements encouraged the South to specialize in cotton, while depending on the West for food and the Northeast for manufactured goods.". This statement
a. describes Rostow's stages of growth model. b. describes North's interregional growth hypothesis. c. describes Thomas Jefferson's vision of the US economy. d. is supported by most contemporary economic historians.