How extensively does the United States use quotas?
a. Very little; there are few quotas on imports.
b. Selectively; there are more quotas than most people realize.
c. Widely; quotas are extensive and cover a wide range of goods.
d. Widely; although the United States prefers to use tariffs, which cover a wide range of goods.
a
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Financial intermediaries are able to act as delegated monitors for individual savers because
A) other investors are unable to gain a free ride on their monitoring efforts. B) borrowers consider this role to be traditional for financial intermediaries and are willing to put up with it. C) the federal government has granted them waivers from laws protecting privacy. D) they employ a vast network of private detectives to carry out their monitoring role.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. For Jerry, the opportunity cost of building a fence is ________ dishes made.
A. 14 B. 7 C. 4 D. 2
Government-imposed quantity restrictions
A) generate a higher price for the good than would prevail under freely competitive markets. B) generate a lower price for the good than would prevail under freely competitive markets. C) does not affect the price of the good because quantity restrictions always ban sale of the good completely. D) can cause prices to either be higher or lower, but always cause excess quantities supplied to develop.
Those that lose from the imposition of rent control are
A. tenants who pay lower rent. B. those tenants who maintain their apartments. C. all tenants. D. landlords.