Which type of restriction on quantity of imports is the most transparent?
A) Quota
B) Licensing requirements
C) Voluntary export restraints
D) Government procurement policies
A
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
A monopoly is a firm that:
A. is the sole producer of a good or service with no close substitutes. B. is the sole producer of a good or service with many close substitutes. C. is the producer of a good or service with just a few large competitors. D. produces a good or service that is identical to many others sold in the market.
The law of demand refers to the:
A. inverse relationship between the price of a good and the quantity of a good that people will buy. B. price increase that results from an increase in demand for a good of limited supply. C. inverse relationship between the price of a good and the quantity offered for sale. D. increase in the quantity of a good available when its price increases.
The prisoner's dilemma shows that
A) players are better off if they act independently. B) a game always ends in a positive sum condition. C) people will always cheat. D) players could be better off if they cooperated.