What is a tradable fishing limit that gives the holder the right to harvest a given quantity of fish during a given time period?
A. Replacement rate
B. Total allowable catch
C. Individual transferable quota
D. Government-approved fishing license
C. Individual transferable quota
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The scale economies index (SCI) is equal to:
A) the cost-output elasticity. B) one minus the cost-output elasticity. C) 100 times the degree of economies of scope (SC). D) marginal cost divided by average cost.
The spending multiplier:
A. grows larger as the marginal propensity to consume decreases. B. grows smaller as the marginal propensity to consume increases. C. grows larger as the marginal propensity to consume increases. D. None of these is true.
Given the same cost data, a pure monopolist producer will charge:
A. a higher price and produce a larger output than a purely competitive industry. B. a lower price and produce a smaller output than a purely competitive industry. C. a higher price and produce a smaller output than a purely competitive industry. D. the same price and produce the same output as a purely competitive industry.
For the United States since 1950, imports as a percentage of GDP has
A. decreased. B. tripled. C. increased slightly. D. remained constant.