A tariff is a:
a. tax on an exported product.
b. limit on the number of goods that can be exported.
c. limit on the number of goods that can be imported.
d. tax on an imported product.
e. subsidy on an imported product.
d
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Explain why charitable giving is Pareto superior move. Is there an economic explanation of why the supply of charity might be sub-optimal? Explain
What will be an ideal response?
Firm A, Firm B, and Firm C are the exclusive producers of a satellite video technology that revolutionized television services. The companies have formed a cartel to limit production and fix prices to maximize profits for all members. In the given scenario, which of the following should be the ideal strategy for Firm A? a. Produce the agreed-upon quota while keeping track of the production
levels of the other members of the cartel. b. Produce less than the quota while raising its prices to keep demand high. c. Produce more than the quota while lowering its prices to capture a higher market share. d. Produce the agreed-upon quota while seeking to differentiate its product to capture a higher market share.
If an exclusive union is successful in restricting the supply of labor, the:
A. wage rate will rise. B. quantity of labor demanded will rise. C. number of job opportunities in the firm or industry will increase. D. demand for labor curve will shift leftward.
Assume that employment decreases by 3%. Holding all other factors constant, we know with certainty that which of the following will occur?
A) output will decrease by 3% B) output per capita will decrease by 3% C) output will decrease by less than 3% D) the capital labor ratio will decrease E) none of the above