If Korea imposes an import quota on U.S. oranges, losers include Korean _______ of oranges and U.S. ______ of oranges
A. consumers; consumers
B. consumers; producers
C. producers; consumers
D. producers; producers
B The import quote decreases U.S. exports of oranges to Korea, thereby harming U.S. producers, and raises the price of oranges in Korea, thereby harming Korean consumers.
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High-income industrial nations such as the United States and Japan tend to have their highest tariffs in
A) newer, high-technology manufacturing industries. B) capital-intensive, diversified manufacturing. C) agriculture, clothing, and textiles D) automobiles.
When demand is unit elastic
A) price and revenue move in opposite directions. B) price and revenue are not related. C) price and quantity demanded move in opposite directions. D) price and revenue move in the same direction.