When the<span> owners of the only gambling casino in Wisconsin spend large sums of money lobbying state government officials to protect their gambling monopoly. economists will refer to these expenditures as: Rent-seeking
Rent-seeking expenditure refers to an expenditure that happened in during the effort of lobbying external party in order to gain economic favor.</span>
The areas are an example of <span>a decrease in the price and an increase in the quantity of the firm's output.
The green areas would decrease the amount of money that the company need to handle waste of production, and social responsibility related cost, which would decrease the price and increase the firm's output.</span>
Answer:
a decrease in both American imports and exports.
Explanation:
Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.
Basically, trade can be categorized into two (2) main groups and these are;
I. Import: this involves bringing in goods from a foreign country to sell in a different (domestic) country.
II. Export: it involves the sales of goods produced in a domestic country to a foreign country.
Some examples of trade barriers are import license, quotas, subsidies, embargo, currency devaluation, local content requirements, tariffs, etc.
A tariff can be defined as tax levied by the government of a country on goods and services imported from another country.
A tariff increase usually reduce the nation's dependence on imports.
Hence, if tariffs are increased, the long-run effect is most likely to be a decrease in both American imports and exports.
Answer:
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