Like tariffs, quotas tend to lead to
A) higher prices and reduced imports.
B) increased government revenue.
C) increased consumer surplus.
D) All of the above.
A
You might also like to view...
Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job and started working as a personal trainer. Pat makes $50,000 in total annual revenue. Pat's only out-of-pocket costs are $12,000 per year for rent and utilities, $1,000 per year for advertising and $3,000 per year for equipment. For Pat to earn normal profit, Pat's accounting profit would have to be ________.
A. 0 B. $35,000 C. $50,000 D. $15,000
A difference between a perfectly competitive industry and a monopoly is that
A) in the long run, firms in a perfectly competitive industry make zero economic profit and a monopoly can make an economic profit. B) a firm in a perfectly competitive industry can perfectly price discriminate but a monopoly cannot. C) only monopolies have an incentive to maximize profit. D) perfectly competitive firms can have a public franchise. E) a barrier to entry protects perfectly competitive firms in the short run and protects a monopoly in the long run.
If the fluctuations in the economy’s real growth rate from year to year are caused primarily by variations in the rate at which aggregate supply increases, then data would show
A. a cyclical relationship between inflation and unemployment. B. a direct relationship between inflation and unemployment. C. an inverse relationship between inflation and unemployment. D. no relationship between inflation and unemployment.
Number of EmployeesTotal Output16211315418520Table 16.2 Table 16.2 gives the number of oil changes that can be performed at a local oil change business based on the number of employees hired. If the price of an oil change is $20, and workers get paid $90 per day, how many workers should the business hire?
A. One B. Three C. Two D. Four