A restriction of imports that is accomplished by a quota normally
a. can be accomplished also by a tariff.
b. cannot be replicated exactly by imposing a tariff.
c. can be accomplished also by an export subsidy.
d. can be accomplished also by negotiations within GATT.
a
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How does the textbook's notion of competition as a process differ from the model of perfect competition?
A) The process notion allows for uncertainty and incomplete information; perfect competition doesn't. B) The process notion allows for price searching activity; perfect competition doesn't. C) The process notion allows for product differentiation; perfect competition doesn't. D) The process notion allows for a small number of participants; perfect competition doesn't. E) For all of the above reasons.
One Sunday afternoon, your mother tells you and your brother that you can quickly make some money by helping her wash dishes. Both of you decide to help her. Once both of you are done with the work, your mother gives you a $20 bill
She also says that you can divide the money between yourself and your brother in any proportion you want, but if your brother does not accept the amount he is being given, she will take all of the money back. a) How much money should you offer your brother if he prefers more money to less? b) How much money should you offer to your brother if you know that your brother prefers fairness to money?
Health care costs rose more than 10 percent in 2011, according to a survey of insurers by Aon Consulting Worldwide. Which of the following would be a fixed cost in a hospital?
A) an MRI machine B) bandages C) nurses D) syringes
Under a fixed exchange rate regime, suppose there is an increase in housing wealth that causes an increase in consumption. This wealth-induced increase in consumption will cause
A) an increase in investment. B) a reduction in net exports. C) an increase in imports. D) all of the above E) none of the above