Suppose a government imposes an import tariff that is too large and exceeds the tax required to completely shut down foreign imports. What is the impact of this mistake on the market outcome?
A) The impact is the same as intended --- there are no imports and the domestic market clears at the domestic equilibrium price.
B) The domestic price rises above the domestic equilibrium price, which results in an excess supply.
C) The domestic and foreign prices rise and cause consumer surplus losses in exporting and importing regions.
D) The domestic price rises above the domestic equilibrium price, which results in an excess demand.
Question 2
An association of businesses that are jointly owned and operated by members for mutual benefit is a:
A) condominium.
B) corporation.
C) cooperative.
D) joint tenancy.
Forages, such as hay, are required by all horses
Large Tortoiseshell
Constructing large motifs from smaller ones
Franz Marc, Die grossen blauen Pferde (The Large Blue Horses).
Many countries do not produce enough food and need to import food from the United States
How many grams of NO are required to produce 145 g of N2 in the following reaction? 4NH3 + 6NO ...