Give an example of a nontariff measure that could reduce the quantity of imports or exports
What will be an ideal response?
Special fees imposed on importers, burdensome and unnecessary customs procedures, unreasonable technical standards, phony health and safety standards, state trading companies, anticompetitive practices, restrictive government procurement rules, corruption
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Drivers who enter an expressway during the rush hour create negative externalities whenever they
A) could have taken another route. B) drive under the speed limit. C) fail to yield as they merge. D) have no other passengers in their vehicles. E) inadvertently slow down all the drivers behind them.
Refer to Figure 7-1. The efficient equilibrium price is
A) $30. B) $25. C) $20. D) <$20.
Suppose that in a perfectly competitive industry the equilibrium industry quantity is 10,000 units. Suppose that the monopoly output is 5,000 . For a 2-firm Cournot Oligopoly (N =2) known as a duopoly, what is a likely Cournot QUANTITY for the industry?
a. 3,000 units b. 5,000 units c. 6,667 units d. 10,000 units e. 15,000 units
Which of the following is true? a. Average cost pricing reduces the incentives for a monopolist to find ways to reduce its costs
b. With natural monopoly, if regulators allow the firm to earn profits, there will be a welfare cost from producing too little of the good. c. Government regulation of monopolies aims to achieve the efficiency of large-scale production, without permitting the producers to charge monopoly prices. d. All of the above are true.