A limit on the quantity of a good produced abroad that can be purchased domestically is called a(n)
a. tariff.
b. excise tax.
c. import quota.
d. None of the above is correct.
c
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The more we pay for a euro, the __________ European goods are to us and the __________ European assets are to us
A) cheaper; cheaper B) cheaper; more expensive C) more expensive; cheaper D) more expensive; more expensive
As a consumer eats additional pieces of pizza, total utility will _____
a. always keep increasing b. always keep decreasing c. keep increasing until dissatisfaction sets in d. keep decreasing until dissatisfaction sets in e. initially keep decreasing until it becomes zero and then increase
_____________ advantage can be the result of a country’s natural endowment.
a. Absolute b. Real c. Focused d. Micro
Assume a hypothetical case where an industry begins as perfect competition and then becomes a monopoly. As a result of this change
A) price will be higher, output will be lower, and the deadweight loss will be eliminated. B) consumer surplus will be smaller, producer surplus will be greater, and there will be a reduction in economic efficiency. C) price will be higher, consumer surplus will be greater, and output will be greater. D) consumer surplus will be smaller and producer surplus will be greater. There will be a net increase in economic surplus.