A tariff will be less painful to domestic consumers because it does not raise the price of cars.

The difference between a tariff and a quota on imported cars is:

A tariff will be less painful to domestic consumers because it does not raise the price of cars.

The quota will be less painful to domestic consumers because it does not raise the price of cars.

A tariff is more effective in expanding the output of domestic producers.

A quota is more harmful to foreign producers because it limits the number of imports.

A tariff is more harmful to foreign producers because it takes away some of their revenues.

Assume that unskilled workers (no college education) earn $35,000 per year; to become a skilled worker (college educated) one must invest $150,000; and the return on investments average 10%. If marketing majors earn $60,000 per year, then:

The supply of marketing majors will increase because they are earning a below average return on their investments in education.

The supply of marketing majors will decrease because they are earning a below average return on their investments in education.

The supply of marketing majors will increase because they are earning an above average return on their investments in education.

The supply of marketing majors will decrease because they are earning an above average return on their investments in education.

The supply of marketing majors will neither increase nor decrease because they are earning an average return on their investments in education.

Assume that unskilled workers (no college education) earn $30,000 per year; to become a skilled worker (college educated) one must invest $200,000; and the return on investments average 8%. What are the skilled worker’s pay premium and wage?

Skilled workers will earn a pay premium of $4,800 and a salary of $34,800.

Skilled workers will earn a pay premium of $$6,000 and a salary of $36,000.

Skilled workers will earn a pay premium of $20,000 and a salary of $50,000.

Skilled workers will earn a pay premium of $16,000 and a salary of $46,000.

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