A quota
A) makes domestic producers worse off.
B) makes domestic consumers worse off.
C) makes both domestic producers and consumers better off.
D) makes everyone worse off.
B
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A significant amount of positive consumer surplus is the reason why sometimes a shopper regrets having bought a particular item
Indicate whether the statement is true or false.
In the labor market, the income tax creates a tax wedge which raises the ________ wage rate, reduces the ________ wage rate, and ________ employment
A) after-tax; before-tax; does not affect. B) before-tax; after-tax; does not affect C) before-tax; after-tax; increases D) before-tax; after-tax; decreases E) after-tax; before-tax; decreases
If an individual makes her investment decisions based solely on the Net Present Value criterion, one can conclude that she is
A) risk averse. B) risk neutral. C) risk loving. D) extremely wealthy.
GDP is not a perfect measure of social welfare and the society's economic well-being because
A. it does not say anything about the distribution of income. B. it does not include all economic activities in the economy. C. GDP accounting rules do not adjust for production that causes negative externalities. D. all of the above.