If protective import-restricting quota are imposed by a country, in the majority of cases that nation's consumers end up
A) paying a lower price for the good than they otherwise would.
B) consuming more of the good than they otherwise would.
C) having more consumption choices than they otherwise would.
D) consuming less of the good than they otherwise would.
D
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The procedure of determining the present value of payments to be received in the future is known as
a. compounding b. amortizing c. perpetuating d. nominalizing e. discounting
If the price of tuna fish increases from 50 cents to 60 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then the tuna fish producer could increase its total revenue by
a. lowering price. b. decreasing quantity supplied. c. leaving price the same. d. raising price. e. decreasing supply.
If an individual pays an additional $0.30 in taxes as a result of a $1.00 increase in income, then that individual must have a(n) __________ tax rate of 30 percent
A) average B) fixed C) total D) marginal
Employees at Bank of America are good at providing banking services and workers at Ben & Jerry's are good at making ice cream
If some bankers are moved to making ice cream, we get a small increase in the amount of ice cream produced and a large decrease in the amount of banking services provided. If the PPF has banking services on the vertical axis and ice cream on the horizontal axis, the effect of the change reflects A) decreasing opportunity costs. B) a bowed out PPF for banking services and ice cream. C) production efficiency. D) a shift to a flatter PPF.