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
D
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Funding for canals came from which of the following sources?
(a) Private investments and tolls (b) Taxes (c) Borrowing on government credit (d) All of the above
It is sometime useful to view each step in the supply chain as a(n)
A) single market. B) integrated process. C) horizontal process. D) vertical process.
An obstacle that prohibits new firms from entering an industry defines
A. economies of scale. B. barriers to entry. C. monopoly power. D. natural monopoly.
Cross price elasticity measures
A. How complements and substitutes differ from one another. B. How sensitive quantity demanded is to a change in price. C. The change in quantity demanded for one good relative to a change in the price of another good. D. The change in quantity demanded when income changes.