Import standards on specific countries are:
A. used in equal amount to blanket standards.
B. easier to enforce than blanket standards.
C. more common than blanket standards.
D. less common than blanket standards.
Answer: D
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Are your total and marginal utility of ice cream schedules determined by the price of ice cream?
What will be an ideal response?
Governments can eliminate market failure due to an imperfectly competitive market by
A) changing the market structure, for example by eliminating monopoly protection. B) having the government own the monopoly. C) imposing regulations that reduce prices. D) All of the above.
Congressman A promises to vote for a bill that Congressmen B and C are sponsoring, and in return both B and C promise to vote for a future bill that A is sponsoring. This practice is called
A) cutting "red tape." B) chasing the median voter. C) rational ignorance. D) logrolling.
"By producing at an output rate at which marginal revenue equals marginal cost, a firm is definitely making positive economic profits." Do you agree or disagree? Why?
What will be an ideal response?