Refer to Figure 9.9. Now suppose an import quota of 3000 trucks is imposed. An alternative to the quota that would have the same impact on the number of imports would be a tariff of
A) $2,500.
B) $5,000.
C) $15,000.
D) $20,000.
E) $13,125,000.
A
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Essential components of a game include all of the following except:
a. players b. payoffs c. actions d. an information set e. cooperation
Because economists have different values, like everyone else, they
a. tend to be self centered, so positive economics is impossible b. ignore politics c. use abstraction to be realistic d. may disagree, even though economic theory is based on positive statements e. try to be right all the time
Which of the following would be most likely to have monopoly power?
a. an online bookstore b. a municipal water company c. a local restaurant d. a grocery store
Which of the following statements is true?
A. If the calculated value of F statistic is higher than the critical value, we reject the alternative hypothesis in favor of the null hypothesis. B. The F statistic is always nonnegative as SSRr is never smaller than SSRur. C. Degrees of freedom of a restricted model is always less than the degrees of freedom of an unrestricted model. D. The F statistic is more flexible than the t statistic to test a hypothesis with a single restriction.