When a country that imports a particular good imposes an import quota on that good,
a. consumer surplus increases and total surplus increases in the market for that good.
b. consumer surplus increases and total surplus decreases in the market for that good.
c. consumer surplus decreases and total surplus increases in the market for that good.
d. consumer surplus decreases and total surplus decreases in the market for that good.
d
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A reduction in a country's saving rate will tend to cause which of the following in the long run?
A) an increase in labor productivity B) an increase in the standard of living C) a reduction in economic growth D) an increase in per capita real GDP
If the farm adopted a new technology, which allows it to use fewer resources to fatten chickens, explain how the farm's production possibilities will change. Explain how the opportunity cost of producing a bushel of soybean will be affected
What will be an ideal response?
A business organization that employs resources to produce goods and services for profit is
A) economic rent. B) a firm. C) inside information. D) the opportunity cost of capital.
For which of the following goods are services are prices least sticky?
A. Taxi fares. B. Haircuts. C. Microwave ovens. D. Airline tickets.