One way tariffs differ from quotas is that
A) tariffs produce revenues for the importing country's government.
B) quotas produce revenues for the exporting country's government.
C) tariffs produce no revenues but set limits on the imported items.
D) tariffs are applied only on raw materials.
A
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Consumers in a country buy only two goods, pens and CDs. The prices and quantities purchased by urban households are in the table above. If 2011 is the reference base year, the cost of the CPI market basket in the base year is
A) $3,400. B) $3,408. C) $3,580. D) $3,508. E) $3,500.
Labor supply
A) must necessarily increase when the real wage increases. B) increases if the substitution effect exceeds the income effect. C) is increasing and then decreasing in the real wage. D) increases when taxes increase.
The ability to make counteroffers transforms bargaining from a game in which ___________ trumps everything to a game in which ____________ is the winning strategy.
A. patience; first-mover advantage B. commitment strategy; self-interested behavior C. first-mover advantage; patience D. first-mover advantage; cooperation
Which of the following is not a characteristic of a public good?
a. It is not excludable. b. It is not diminished or depreciated as additional people consume the good. c. Its benefits cannot be withheld from anyone. d. Because it is a free good, there is no opportunity cost.