Why do governments in less-developed nations impose tariffs?
A) The nation's total income will be increased.
B) The government gains revenue from the tariff.
C) The government diversifies its economy.
D) The national security of the country definitely is improved.
E) The government's low-paid workers are protected from high-paid foreign workers.
B
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A price-discriminating firm charges the highest price to
A) the group with the least elastic demand. B) the group with demand that is unit elastic. C) the group with the largest demand. D) the group with the most elastic demand.
Which of the following economic explanations describes "cabin fever"?
a. The marginal utility of winter is greater than zero. b. Each additional cold day brings more disutility. c. The law of increasing marginal utility as applied to cabins. d. Spending winter in a cabin is a normal good. e. Each additional cold day brings more utility.