Under a TAC system, fishing of a particular fishery is halted after:
A. a predetermined time period.
B. a predetermined amount of fish has been caught.
C. a predetermined number of fishing trips have been taken by each registered boat.
D. the market price of the fish falls below a predetermined trigger price.
Answer: B
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Economists have used ________ and ________ in experiments designed to determine whether consumers care about fairness when they make decisions
A) the income effect; the substitution effect B) Giffen goods; luxury goods C) network externalities; the endowment effect D) the ultimatum game; the dictator game
In third-degree price discrimination, to determine the total quantity produced, the firm sets its ________ equal to its ________.
A) overall marginal revenue; average total cost B) individual market marginal revenue; marginal cost C) overall marginal revenue; marginal cost D) individual market marginal revenue; average total cost
With reference to the difference between a change in demand and a change in quantity demanded, which of the following is TRUE?
A) If a good's price goes down, then demand for the good will decrease. B) If a good's price goes down, then quantity demanded will increase. C) If demand increases, then the demand curve will shift to the left. D) If price rises and quantity demanded decreases, then the demand curve will shift to the left.
IMF refers to the International Market Fund
Indicate whether the statement is true or false