Which of the following regulatory procedures transfers wealth from consumers to producers?
A. Transaction costs
B. Efficiency wages
C. Import quotas and tariffs
D. Deadweight loss
Answer: C
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Suppose that the demand curve for desktop computers shifts rightward and at the same time the supply curve shifts leftward. Which of the following could have caused these shifts?
A) Desktop computers are a normal good and incomes increased, while more firms entered the market. B) The price of a laptop computer, a substitute for desktop computers, fell, and the cost of producing desktop computers decreased. C) Consumers purchased more computers because of the Christmas season, and the labor costs of producing desktop computers decreased. D) Desktop computers are a normal good and incomes increased, while the labor costs of producing personal computers increased. E) Desktop computers are a normal good and incomes decreased, while the labor costs of producing personal computers increased.
What does it mean for a country to have an absolute advantage in producing a product?
What will be an ideal response?
An increase in the saving rate in a steady-state economy would cause
A) a rightward movement along the saving-per-worker curve and an increase in the capital—labor ratio. B) an upward shift in the saving-per-worker curve and an increase in the capital—labor ratio. C) a downward shift in the saving-per-worker curve and a decrease in the capital—labor ratio. D) a leftward movement along the saving-per-worker curve and a decrease in the capital—labor ratio.
A monopolist faces a downward sloping demand curve that is equal to which of the following?
a. The prevailing market price. b. The market demand curve. c. Its marginal cost curve. d. Marginal revenue.