Of the following, who gains with a quota?
A) domestic buyers of the good or service
B) the importer of the good or service
C) the foreign exporter of the good or service
D) the government of the importing nation
E) the government of the exporting nation
B
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In 2015, Pete Rich purchases a 1642 painting by Rembrandt for $20 million. He also pays a one percent commission to the auction house that sold the painting. What is the contribution of these transactions to GDP in the year 2015?
A. $2 million B. $0 C. $200,000 D. $20.2 million
The diagram above depicts the market demand for, and market price of, buckets of raw oysters in Orlando
a) What is the consumer surplus of the person who buys the 100th bucket of oysters? b) What is the consumer surplus of the person who buys the 200th bucket of oysters? c) What is the consumer surplus of the person who buys the 300th bucket of oysters? d) What is the consumer surplus in the market?
Grocery store chains advertise more than convenience stores because:
A) the advertising elasticity of demand is smaller for grocery store chains than for convenience stores. B) convenience stores have more elastic demand for their products than grocery store chains. C) the advertising elasticity of demand for convenience stores is near zero and is much smaller than for grocery store chains. D) all of the above E) none of the above
Which of the following would constitute the strongest evidence of employment discrimination against female employees?
a. The average wage of female workers is lower than the average wage of males. b. The average wage of female employees is lower than the average wage of males with similar productive characteristics. c. The mean number of years of schooling of female workers is lower than that of males. d. The average hours worked by female employees is less than the average hours worked by males.