The Latin expression ceteris paribus means
a. everything else being equal
b. economic model
c. partially correct
d. certainty
e. certain particulars
A
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When a production quota is used to remedy the problem of the commons, then
A) the production quota is set so that use of the resource is where marginal private benefit equals marginal private cost. B) the production quota is set so that use of the resource is where marginal social benefit equals marginal private cost. C) the market equilibrium, but not the efficient outcome, is achieved. D) all users of the resource have an incentive to cheat on the quota quantity.
An increase in the price of a good will a. increase supply
b. decrease supply. c. increase quantity supplied. d. decrease quantity supplied.
An elected official:
a. tend to favor policies that yield concentrated benefits and impose dispersed costs b. tend to oppose policies that yield dispersed benefits and impose concentrated costs c. improve his or her chances of re-election by being responsive to special-interest groups d. all of the above
Over the last several years, the Chinese government has allowed the yuan to rise in value relative to the dollar. This means that Chinese-made goods
A. will be less affordable for Chinese consumers. B. are now more expensive compared to U.S.-made goods. C. will be harder to compete with in U.S. markets. D. are now less expensive for U.S. consumers.