Suppose the automobile industry can import 10% of the total quantity demanded of cars in the U.S. This is an example of a(n) ________.
A. trade limit
B. quota
C. import tax
D. tariff
Answer: B
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Answer the following statement(s) true (T) or false (F)
1. When a monopoly supplier acquires a monopoly manufacturer, the vertical merger intensifies the supplier's use of monopoly power over the manufacturer. 2. A buy-out is more likely to delay a rival's reemergence than is predatory pricing. 3. Economic analysis suggests that resale price maintenance is primarily used by manufacturers to keep prices artificially high. 4. A firm has the incentive to cheat on a cartel agreement only when it fears that other cartel members will also cheat. 5. The Prisoners' Dilemma game is another situation where the Invisible Hand Theorem is true.
When the pill was approved for sale in the United States in 1960:
A. it immediately and significantly revolutionized the labor force participation of all women. B. it was met with a lot of resistance and was even illegal in many places. C. it had already been legalized since many states anticipated its approval for years. D. new laws were written to make it illegal, and it remains technically illegal to this day.
Waste produced by a power plant that harms local fishing industries is an example of a:
A. demerit good. B. limited liability. C. negative externality. D. private good.
When disposable income rises, autonomous consumption ___________.
Fill in the blank(s) with the appropriate word(s).