Consumers receive more consumers' surplus when __________
A) tariffs exist.
B) tariffs and quotas do not exist.
C) quotas exist.
D) a and c
B
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Discuss the effects of government deficits on the current account
What will be an ideal response?
Consumers who do not consistently discount the future over time are likely to ________
A) under-report their taxable income B) be unprepared financially for retirement C) opt in to employer-sponsored savings plans D) make excessive sacrifices on behalf of their children
Which of the following governmental actions would eliminate some or all of the inefficiency that results from monopoly pricing? The government could
a. regulate the monopoly. b. prohibited the monopoly from price discriminating. c. force the monopoly to operate at a point where its marginal revenue is equal to its marginal cost. d. None of the above would eliminate any inefficiency associated with a monopoly.
If China's economy maintains a 7% annual growth rate over the next 20 years, about how large will its economy be in 20 years if its current GDP is $12 trillion?
a) $24 trillion b) $29 trillion c) $36 trillion d) $48 trillion