In 2006, the European Union (EU) threatened to ban imports of long-grain rice because traces of genetically modified rice were found mixed in to commercial supplies. Instead of a ban, suppose the EU placed a tariff on the import of long-grain rice
Which of the following would be an outcome of this tariff? A) The EU would gain tariff revenue.
B) Deadweight loss would decrease.
C) European rice producers would decrease production.
D) The price of long-grain rice in the EU would not change.
A
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Suppose Campus Books, a profit-maximizing firm, is the only supplier of the textbook for a given class. The marginal cost of supplying each book is constant and equal to $10, and Campus Books has no fixed costs. The table below shows the reservation prices of the eight students enrolled in the class.StudentReservation Price($/Book)Q60R54S48T42U36V30W30X30 What price will Campus Books charge if it must charge a single price to all of its customers?
A. $36 B. $24 C. $10 D. $18
If knowing about one outcome does not help to predict another outcome, the outcomes are said to be ________
A) exclusive B) inclusive C) dependent D) independent
Smokers and loud talkers who ignore the external effects of their actions are being rational in the economic sense
a. True b. False
What is protectionism in the domestic economy?
a. forcing foreign consumers to subsidize domestic producers b. forcing producers to subsidize consumers c. forcing consumers to subsidize producers d. forcing foreign consumers to subsidize foreign producers