Suppose the government wants to reduce illegal importation of exotic animals used as pets and tries to achieve this goal by interrupting the supply of illegally imported exotic animals
If the demand for these animals is highly inelastic, this government effort will result in A) a small reduction in the quantity of exotic pets demanded.
B) a large reduction in the quantity of exotic pets demanded.
C) no change in the quantity of exotic pets demanded.
D) an increase in the quantity of exotic pets demanded.
A
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What does a production possibilities curve (PPC) show? What is the difference between a PPC that is linear and a PPC that is curved away from the origin?
What will be an ideal response?
The goal of the Single European Act (or Europe 1992 initiative) is to
A) develop uniform product standards for all EU countries. B) remove nontariff barriers to trade between EU countries. C) deregulate economic activities in transportation and financial services. D) All of the above.
If goods are produced abroad but consumed domestically,
a. those goods are termed imports b. international trade has not occurred c. the domestic economy is economically inefficient d. there are no gains from specialization e. those goods are termed exports
When employment discrimination results from the personal prejudices of employers, economic theory suggests that
a. competitive forces will tend to reduce discrimination. b. the wages of employees who are discriminated against will rise. c. an employer who discriminates will have the same costs as those who do not discriminate. d. discrimination by an employer will reduce production costs since the employer can pay lower wages.