Which type of restriction on quantity of imports is the most transparent?
A) Quota
B) Licensing requirements
C) Voluntary export restraints
D) Government procurement policies
A
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Explain what it means to choose at the margin and illustrate with three choices at the margin that you have made today
What will be an ideal response?
If a decrease in income leads to an increase in the demand for macaroni, then macaroni is
A) an inferior good. B) a necessity. C) a neutral good. D) a normal good.
Assuming the economy is represented by the graph shown, if the government were to enact a partially successful expansionary fiscal policy, it would be most likely to:
A. move from equilibrium A to B.
B. move from equilibrium B to A.
C. cause unemployment to temporarily increase.
D. cause deflation.
Suppose a new law makes illegal the sale of a good that had been legal. This will
A. eliminate deadweight loss. B. decrease producer surplus. C. increase consumer surplus. D. increase producer surplus.