A direct restriction on the quantity of an import is called a tariff.
a. true
b. false
Ans: b. false
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International comparisons of per capita GDP may not reflect the standard of living because __________. a. currency exchange rates may not fully account for differences in purchasing power, and thus people in a country with high per capita GDP may have a lower standard of living because of high local prices for food, housing, or other necessities. b. people in some countries enjoy poverty and do
not mind a lack of access to medicine, education, nutritious food, and safe drinking water. c. markets do not exist in less-developed countries. d. None of the answers above are correct.
If income is distributed equally in a society, the poorest fifth of the population receives
a. 5 percent of the total income. b. one-fifth as much as the richest fifth of the population. c. 20 percent of society's total income. d. 50 percent of society's total income.
If an externality is present in a market, economic efficiency may be enhanced by
a. government intervention. b. a decrease in foreign competition. c. fewer market participants. d. weaker property rights.
How long is it worthwhile to continue searching for a $20 bill that you lost if you value your time at $5 an hour?
A) About 2 hours if there is a fifty percent chance of finding it.
B) About 4 hours, regardless of the probability of finding it.
C) Only so long as you expect to find it within the next four hours, which could mean far more than four hours of searching.
D) You cannot make a rational decision without first knowing whether you will find it.
E) You should not search at all because the lost bill is a sunk cost.