Quotas on an imported product benefit
A. domestic producers and hurt domestic consumers of the product.
B. both domestic producers and consumers of the product.
C. foreign producers and hurt foreign consumers of the product.
D. both foreign producers and consumers of the product.
Answer: A
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Prices for fresh fruit, vegetables and other food products are examples of
A) custom prices. B) sticky prices. C) temporary prices. D) auction prices.
A minimum wage set above the equilibrium wage rate is a price
A) ceiling that results in a shortage of low-skilled labor. B) ceiling that results in a surplus of low-skilled labor. C) floor that results in a shortage of low-skilled labor. D) floor that results in a surplus of low-skilled labor.
When social and private costs differ, economists state that
A) there will be economic profit in the society. B) the society will produce inside the production possibilities frontier. C) there is an externality. D) there is not an efficiency problem but an equity problem.
The market's role is to ensure that nonrenewable resources are allocated across time to where they are most highly valued. This implies, if more is used today then:
a. the future supply curve shifts downward. b. financial investments offer a lower rate of return. c. the return on saving the resource for future use rises. d. the expected demand for the resource in the future is low. e. technological advancement will guarantee a steady future supply.