How does a tariff affect the government's revenue? How does an import quota affect the government's revenue?
What will be an ideal response?
A tariff is a tax on an imported good. Like all taxes, a tariff increases the government's revenue. However, an import quota is quantitative restriction on the amount of a good that can be imported. As such, an import quota has no effect on the government's revenue.
Economics
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The cost that does not change as output changes is
A) total fixed cost. B) average fixed cost. C) total variable cost. D) average variable cost. E) marginal cost.
Economics
The classical model
a. relies on the equivalency of the labor, capital, and land resource markets b. includes a land market and a labor market c. focuses primarily on capital markets d. focuses primarily on labor markets e. focuses on labor, capital, and land markets
Economics