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.
(a) Feeding by bear on salmon results in large allochthonous inputs of nutrients into (b) the forest
Although large, the cougar is more closely related to smaller felines.
Diverticulosis. It is the presence of abnormal pouches in the wall of the large intestine (diverticu
The Taung Child, the first of the australopithecines to be discovered, is the type specimen for Aust
Postage meters are used for large mailings.