Quotas and tariffs both serve the purpose of
A. lowering prices on imported goods.
B. causing domestic producers to lose revenues.
C. restricting foreign trade.
D. increasing foreign trade.
Answer: C
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A government-sponsored good is one that
A) is desirable to no one but ruled desirable by the court system nonetheless. B) everyone agrees is socially desirable. C) freely competitive markets have determined is socially desirable. D) the political process has determined is socially desirable.
A firm can choose a quantity of output, and the price is then determined by
a. the government. b. the supply schedule. c. consumers' demand. d. the average cost.
The marginal revenue product of a resource is best described as the
a. selling price of the last unit of output produced. b. increment of total cost resulting from the use of an additional unit of the resource. c. marginal product of the resource divided by the unit price of the good produced. d. change in total revenue resulting from employing an additional unit of the resource.
A good is normal if the sign on the income elasticity formula is
A. Positive. B. Negative. C. Greater than 1. D. Less than 1.