Other things equal, a tariff is:
A. superior to an import quota for Americans because a tariff increases the profits of foreign
producers.
B. inferior to an import quota for Americans because a tariff increases the profits of domestic
producers.
C. superior to an import quota for Americans because a tariff generates revenue for the U.S.
Treasury.
C. superior to an import quota for Americans because a tariff generates revenue for the U.S.
Treasury.
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Elected government officials seem biased toward favoring
A) the national interest. B) the global interest. C) well organized, special interest groups. D) policies that are in the long-run interest of economists.
Which of the following statements regarding the Lorenz curve is FALSE?
A) A Lorenz curve is a geometric representation of the distribution of income. B) A Lorenz curve that is perfectly straight represents complete income equality. C) The less bowed is a Lorenz curve, the less equally income is distributed. D) The more bowed is a Lorenz curve, the more unequally income is distributed.