A limit on the quantity of a good that may be imported in a given time period is a:
A. Trade restriction limit.
B. Tariff.
C. Quota.
D. Price effect.
C. Quota.
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The market to buy and sell organs:
A. is missing. B. has been banned by public policy. C. would create surplus for those who would interact in it. D. All of these are true.
If there are external benefits for good X then which of the following would be true?
a. The socially efficient amount of good X can be achieved if society subsidizes consumers of good X. b. The socially efficient amount of good X will be equivalent to the free market equilibrium quantity. c. The socially efficient amount of good X can be achieved if society taxes consumers of good X. d. The socially efficient amount of good X does not exist.
The public interest theory of regulation stipulates that government regulation of a natural monopoly is necessary in order to achieve the following, except:
A. Preventing the natural monopoly from harming society through its monopoly pricing B. Garnering for society at least part of the cost reductions from being a natural monopoly C. Avoiding the reduction in output associated with monopoly power D. Eventually breaking up the monopoly to achieve competition within the industry
If the price of motel rooms increases by 10% while the prices of other goods and services increase by 5% on average, the relative price of motel rooms has:
A. decreased by 5%. B. decreased by 10%. C. increased. D. remained constant.