Tariffs and quotas are often imposed when a government is more responsive to __________ interests, and the benefits of those trade restrictions are often __________
A) consumer; concentrated
B) consumer; widely dispersed
C) producer; concentrated
D) producer; widely dispersed
C
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Based on the figure above, when the market is unregulated and is in equilibrium, the deadweight loss is
A) $86.25 million per year. B) $56.25 million per year. C) $48.75 million per year. D) $37.50 million per year. E) zero.
Reasons for studying economics include
a. all of the following b. to better understand world issues by applying the tools of economic analysis c. to help design more effective solutions to society's problems d. to help prepare for careers in fields such as law and politics e. to better understand the impact of world events on an individual's life
Using Figure 2 above, suppose that the economy started at PAE2. A potential change that could cause the economy to go from PAE2 to PAE3 might be:
A. exports decrease. B. consumption spending increases. C. investment decreases. D. imports increase.
When two people trade,
A. they both expect to be made better off by the exchange. B. both of them expect to be made worse off by the exchange. C. they are trying to help out each other. D. they know one of them will get the better of the other.