A rationale used for tariff protection by some is that
A) the country wants to practice international price discrimination.
B) the country finds its cost of producing their products higher than in other countries.
C) imports are produced by firms that received subsidies from their governments.
D) imports are produced by firms that are more efficient than domestic producers are.
Answer: C
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If quota rights accrue to foreigners, then the domestic economy is better off with a quota than with a tariff
Indicate whether the statement is true or false
In economics, satiation means
A. that quantity demanded and quantity supplied rises. B. that the market price has been attained. C. eventually the marginal value of the good consumed decreases. D. eventually the marginal value of the good consumed increases.
Suppose cars are taxed according to the amount of pollution they emit per gallon of gasoline consumed. We would expect to observe all of the following EXCEPT
A. an increase in quantity demanded of less-polluting automobiles and a reduction in quantity demanded of more-polluting automobiles. B. an increase in quantity demanded of more fuel-efficient cars. C. an increase in the miles driven. D. an increase in production of automobiles that were less polluting.
The individual demand curve that is implied by the budget constraints and indifference curves below will be:
A. Perfectly elastic
B. Relatively elastic
C. Perfectly inelastic
D. Relatively inelastic