All externalities are detrimental
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following conditions could lead to an inefficient quantity of pretzels being produced?
A) the existence of many producers of pretzels B) the existence of many consumers of pretzels C) the existence of a single producer and seller of pretzels D) All of the above conditions could cause the actual quantity of pretzels to be an inefficient quantity.
Both tariffs and quotas result in fewer imports being sold in a country
Indicate whether the statement is true or false
Suppose the government issues a limited number of pollution permits in order to limit the quantity of pollution. Under this policy, does the demand curve for pollution rights determine the quantity of pollution, or does it determine the price of pollution?
Scarcity and shortages differ in that
A. scarcity is caused by natural disasters and shortages are caused by mistakes people make. B. scarcity is a condition of human life while shortages are usually temporary phenomena related to an imbalance between the amount desired and the amount produced. C. shortages apply to resource markets while scarcity applies to product markets. D. scarcity is a type of shortage but shortage is a broader concept.