If you buy a DVD player produced in Japan, a
A) good was exported by Japan and imported by the United States.
B) good was imported by Japan and by the United States.
C) service was imported by Japan and exported by the United States.
D) service was exported by Japan and imported by the United States.
E) good was exported by Japan and by the United States.
A
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The big tradeoff is a tradeoff between
A) efficiency and fairness. B) consumer surplus and producer surplus. C) taxes and subsidies. D) price ceilings and price floors.
The management of a rental building faces a rent control situation, where it cannot charge more than $400 a month in rent on the apartment. The management knows that the apartments are high in demand and renters would be willing to be $1000 per month for them. The management will
a. Do nothing-it cannot violate the regulation b. Offer a bundle of both the apartment and furniture together for $1000 c. Offer the controlled rent but force the tenants to rent furniture from the management d. Both B&C
All human wants cannot be satisfied because of the problem of scarcity
a. True b. False Indicate whether the statement is true or false
If duopoly firms that are not colluding were able to successfully collude, then
a. price and quantity would rise. b. price and quantity would fall. c. price would rise and quantity would fall. d. price would fall and quantity would rise.