It is possible to purchase diplomas from diploma mills. The situation in which the degrees are more important than the knowledge they are supposed to represent is called:
A. accreditation.
B. credentialism.
C. cretinism.
D. diplomacy.
Answer: B
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A voluntary export restraint will ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic national welfare
A) increase; decrease; increase; have an ambiguous effect on B) increase; decrease; decrease; decrease C) increase; decrease; have no effect on; have an ambiguous effect on D) increase; decrease; have no effect on; decrease E) increase; increase; decrease; have an ambiguous effect on
Which tax rate will provide the government with the maximum revenue?
A. F
B. G
C. H
D. I
In the late 1990s, the Asian crisis reduced the demand for U.S. farm products, which weakened farm prices.
Answer the following statement true (T) or false (F)
An example of a price ceiling would be the government setting the price of sugar
A. at the equilibrium market price. B. below the equilibrium market price. C. above the equilibrium market price. D. none of the above