A(n) ________ is a system of controlling overfishing whereby the government decides how big the total fish catch will be and then lets fishermen negotiate to determine the share of the total catch each fisherman will be allowed
Fill in the blank(s) with correct word
individual transferable quota (ITQ) system
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The figure above shows the market for pants. If the government subsidizes the production of pants so that production expands from 6 million pairs to 7 million pairs,
A) there would be no deadweight loss. B) the government's policy would have no effect on the sum of consumer surplus and producer surplus. C) a deadweight loss would result. D) the government's policy would increase the sum of consumer surplus and producer surplus. E) production would be even more efficient than if 6 million pairs of pants are produced because more is always better than less.
All of the following are problems cited by Warren Buffet as problems with derivatives not traded on exchanges EXCEPT
A) they are thinly traded which makes it difficult to determine their value. B) firms do not set aside reserves against potential losses. C) they involve substantial counterparty risk. D) they were not flexible enough due to lack of standardization.
The classic example of a detrimental externality is
a. education. b. pollution. c. discovery of an AIDS vaccine. d. Mrs. Lewis' prize-winning rose garden.
The FDIC was created because
A. banks failed to create money the way the Fed wanted them to. B. the Fed kept the required reserve ratio too low. C. there were so many bank failures in the 1930s. D. people worried about bank failures after World War I, even though very few banks actually failed.