Voluntary export restraints (VER):
A. have the same effect as an import ban.
B. are illegal under the international trading rules.
C. violate the spirit of international trade agreements.
D. All of these
Answer: C
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If the marginal benefit of getting a college degree rises, rational people will
A) drop out of college. B) not change their behavior. C) attend college in greater numbers. D) require that college get easier. E) raise the marginal cost of attending college.
Is the following quote correct? "Here's the law of demand in a nutshell. The lower the price, the higher the quantity demanded, other things constant."
A) Yes, it is totally correct. B) No. It would be correct if it didn't say "other things constant." C) No, because it confuses demand and quantity demanded. D) No, because the law of demand does not apply to nutshells.
Which of the following do NOT provide charters?
A) the Office of the Comptroller of the Currency B) the Federal Reserve System C) the National Credit Union Administration D) state banking and insurance commissions
A good that has social costs that exceed private costs has a quantity that is
A) too high. B) too low. C) just right. D) the best society can do.