Comparing developed and developing nations in their use of tariffs, we see that
A) the developing nations' governments get very little revenue from tariffs.
B) both governments get large amounts of revenue from tariffs.
C) many developing nations' governments get a large portion of their revenue from tariffs.
D) developing nations almost never impose tariffs because they want their people to obtain goods and services at the lowest possible price.
E) developed nations rely much more than developing nations on tariff revenue.
C
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When there is excess supply of a product in a market,
a. price will tend to rise. b. price must be above the equilibrium price. c. producers will expand output and sales will rise. d. price must be below the equilibrium price.
In economics, the term marginal refers to:
A. the change or difference from a current situation. B. man-made resources as opposed to natural resources. C. the satisfaction a consumer receives from a good. D. holding everything else constant in the analysis.