An import quota is
A) a quantity restriction.
B) a price ceiling.
C) a price floor.
D) something imposed on agricultural goods grown by American farmers.
A
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The real business cycle theory emphasizes that in today's modern age, ________ technology plays a significant role in causing economic fluctuations
A) obsolete ideas in B) advances in C) shocks to D) duplications in
In the above figure, the tax incidence is
A) that most of it is paid by the buyers. B) that most of it is paid by the sellers. C) split equally so that the buyers and sellers pay the same amount. D) that neither the buyers nor the sellers pay it.
If adverse selection exists in a market,
A) it increases consumer surplus but reduces producer surplus. B) it reduces consumer and producer surplus. C) it reduces producer surplus but has no impact on consumer surplus. D) it increases both consumer and producer surplus.
Consumer surplus is always the total area below the demand curve and above the price
a. True b. False Indicate whether the statement is true or false