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.
shelducks, genus Tadorna, are a group of large birds in the Tadorninae subfamily of the Anatidae
Meningocele. (a) A meningocele is a herniation of the meninges, usually associated with the spinal c
Edward Bellamy, author of the utopian novel Looking Backward (1888) Bellamy’s socialism worried many
Different hand positions and working surfaces for massage applications on large muscles. A. Flat ...
Government in America: People, Politics, and Policy, AP
American Government: Roots and Reform, AP* Edition, 12th Edition