Individual transferable quotas are limited in their effectiveness because:
A. they are only enforceable within 200 miles of a nation's shores.
B. government, rather than the market, sets their price.
C. they encourage wasteful spending by fishers in ITQ areas.
D. they are not tradable.
Answer: A
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The above figure shows a nation's production function. Point C is
A) unattainable given the nation's resource level. B) attainable if the nation uses resources efficiently. C) attainable if the nation uses resources inefficiently. D) the maximum amount of real GDP the nation can produce. E) the labor market equilibrium point.
In long-run equilibrium under perfect competition,
A. the firm and the industry will have the same cost curves. B. only a very few firms will be earning economic profits. C. the demand curves facing individual firms will fall to the level of minimum AC. D. individual firms will tend to increase their outputs.
Which of the following events would produce an upward shift in the consumption function, other things being equal?
a. An increase in consumer wealth. b. A decrease in consumer wealth. c. A decrease in autonomous consumption. d. None of these.
The U.S. individual income tax is designed to be
A. progressive. B. an ability-to-pay tax. C. regressive. D. proportional.