The rule of reason was applied in the Alcoa case
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is an explanation for the existence of trade restrictions?
A) Tariffs generate revenue for the government. B) rent seeking C) inefficient quotas D) Both answers A and B are key explanations.
The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a voluntary production reduction program to achieve their goal. What is the size of the consumer surplus?
A. $4 billion B. $8 billion C. $18 billion D. $6 billion
Developing countries often justify imposition of tariffs because:
a. it creates a burden on government budget. b. it is easy to collect direct taxes from people in the developing countries. c. a large number of people in the developing countries earn a taxable income. d. developing countries find income taxes difficult to levy and collect. e. the volume of imports of these countries is considerably low.
A movement along a demand curve is called a change in
a. income b. quantity demanded c. demand d. tastes e. population