Quotas are a much greater threat to competition than are tariffs because quotas preclude additional imports at any price.
Answer the following statement true (T) or false (F)
True
A tariff does not place a physical limit on the quantity of a good coming into the country while a quota does.
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Exhibit 6-10 Short-run cost schedule for book publisher's hourly production TotalOutput TotalVariable Cost TotalCost 0 cases of books $ 0 $200 1 100 300 2 150 350 3 250 450 4 450 650 In Exhibit 6-10, the average variable cost of producing 2 cases of books is:
A. $50 per case. B. $75 per case. C. $100 per case. D. $150 per case.
In 2002, the euro replaced the currencies of most of the members of the European Union. The euro has:
A. increased transaction costs among EU countries. B. increased macroeconomic independency among EU countries. C. increased monetary policy flexibility for the individual EU countries. D. reduced monetary policy flexibility for the individual EU countries.
The perfectly competitive firm cannot influence the market price because
A. its production is too small to affect the market. B. its costs are too high. C. it has market power. D. a few buyers have control over the market price.
The alternate-section provision was designed to:
a. allow the government to share in increased land values resulting from railroad building. b. encourage private businesses to locate along railroad routes. c. discourage farmers from cultivating crops near railroad routes. d. make railroad stations more accessible to families.