Import quotas on sugar may cost consumers $2 billion per year. But this quota goes unchallenged because the $10 average annual cost per person is so small that probably not one voter in 200 knows the quota exists. This statement describes:
A. the voting paradox.
B. the special-interest effect.
C. the median-voter model.
D. free-rider problem.
Answer: B
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An import quota restricts ________ and is designed to protect domestic ________
A) exports; consumers B) exports; producers C) imports; consumers D) imports; producers
If the rate of job separation equals 2%, and the natural rate of unemployment is 10%, then the rate of job finding equals
A) 5%. B) 16.7%. C) 18%. D) 20%.
Could either party do better?
a. Yes, both parties can do better without hurting each other if they cooperated b. Yes, one party can do better, but only at the expense of the other c. No, neither party can do better d. No, each party has its best possible outcome
The price elasticity of demand will be larger in absolute value if
a. expenditure on the good represents a smaller proportion of the consumer's total expenditure b. we define the good more broadly c. we define the good more narrowly d. the number of substitutes is smaller e. the number of consumers is larger