Import tariffs are ___________ on imports, and import quotas are ____________ on imports.
a. subsidies; taxes
b. limits; subsidies
c. taxes; limits
d. limits; taxes
Ans: c. taxes; limits
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If a firm pays its workers $10 per hour, the marginal product of labor is 5 units per hour, and the price of the firm's product is $15 per unit, what is the price elasticity of demand facing the firm?
A) -1.15 B) -2.15 C) -1.0 D) -3.56
The debt burden can be passed on to future generations if public debt is
a. deflationary b. converted into paper currency c. turned into private debt d. an external debt e. crowded out
The production of methamphetamine (meth) is a social problem in the Midwest. Iowa is considering two potential programs: Operation Methbust would increase the number of sheriffs' deputies to search out and destroy methamphetamine labs. Operation Say No to Meth would increase the training required of public school teachers so that they could better educate students about the health risks of using meth. Assuming that each program were successful, which of the following statements is correct?
a. Both Operation Methbust and Say No would reduce the equilibrium quantity and increase the equilibrium price of meth. b. Both Operation Methbust and Say No would increase the equilibrium quantity and reduce the equilibrium price of meth. c. Both Operation Methbust and Say No would reduce the equilibrium quantity of meth; Operation Methbust would increase the equilibrium price, whereas Say No would reduce the equilibrium price of meth. d. Both Operation Methbust and Say No would reduce the equilibrium price of meth; Operation Methbust would reduce the equilibrium quantity, whereas Say No would increase the equilibrium quantity of meth.
Which of the following is not a barrier to entry into a monopoly market?
A.) The exclusive right to produce a good. B.) The existence of substitute goods. C.) Legal action against new firms that enter the market. D.) A patent on important technology.