Protective tariffs might reduce both the imports and the exports of the nation that levies tariffs because other countries may follow with their own export tariffs. protective tariffs can be designed to either reduce imports or exports. other countries may follow with their own import tariffs. a. exports and imports must be equal. b. when foreign firms "dump" their products onto the u. s. market, they give their product away and bankrupt american firms. buy up all of that particular product and lower the price. buy up all of that particular product and raise the price. sell their product below cost and provide bargains to american consumers. c. import competition can lead to job gains worldwide. job losses worldwide. quality improvements and cost reductions by american firms. fewer high-quality products.

Which value describes the desire to be one’s own boss? a. autonomy b. status c. security d. entrepreneurship

Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.

The demand curve determines equilibrium price in a market. is a graphical representation of the relationship between price and quantity demanded. depicts the relationship between production costs and output. is a graphical representation of the relationship between price and quantity supplied.