Importers collect additional revenues from a ________, and governments collect additional revenues from ________
A) quota; import bans B) quota; tariffs
C) tariff; voluntary export restraints D) voluntary export restraint; quotas
B
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If a rent ceiling is below the equilibrium rent, some allocation scheme must be used. The allocation methods include all of the following EXCEPT
A) charging the equilibrium rent. B) refusing to rent to individuals on the basis of sex, race, or some other attribute. C) requiring a payment, such as key money, in addition to the rent. D) the creation of a black market. E) increased search activity.
If a firm that repairs both motorcycles and cars is able to do so at a lower cost than a firm that does only one or the other, this would be an example of
A) economies of scope. B) economies of scale. C) monitoring. D) increasing transactions costs.
An expansion of the money supply, ceteris paribus, will
a. raise interest rates b. reduce investment demand c. contract aggregate demand d. lower prices e. increase investment in the economy
Suppose the market for good X has a four-firm concentration ratio of 0.50. Furthermore, assume that total sales in the industry are $1.2 million. Based on this information, we know that sales for the largest four firms in the industry equal (in aggregate):
A. $2,400,000. B. $240,000. C. $600,000. D. $60,000.