U.S. imports of sugar are limited by an import quota that, according to a study updated in 2013, imposed annual costs on American consumers of
A) $2,000,000.
B) $1,500,000.
C) $1,000,000,000.
D) $200,000.
E) $370,000.
A
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After a tariff is imposed on a good, the price of the good
A) does not change. B) falls. C) rises. D) rises only if the domestic demand for the good does not change. E) might rise, fall, or not change depending on whether the government did or did not simultaneously impose a quota.
The natural rate of interest falls with a __________ shift of the __________ curve
A) rightward; IS B) rightward; LM C) leftward; IS D) leftward; LM
In many rural areas, electric generation and distribution utilities were initially set up as cooperatives in which the electricity customers were member-owners. Like most cooperatives, the objective of these firms was to:
A) maximize profits for the member-owners. B) maximize total revenue that could be redistributed to the member-owners. C) operate at zero profit in order to provide low electricity prices for the member-owners. D) minimize the costs of production.
In the parable of the leaky bucket, a fundamental problem with government redistribution programs is identified. As long as the government only has "leaky buckets" at its disposal,
a. the costs of welfare programs will exceed the benefits. b. it should not try to reach complete equality in income. c. income equality will be the best policy option. d. equality of economic opportunity will reduce society's utility.