If the United States imposes an import quota on clothing, then U.S. exports
a. increase, U.S. imports increase, and U.S. net exports will not change.
b. increase, U.S. imports decrease, and U.S. net exports increase.
c. decrease, U.S. imports increase, and U.S. net exports decrease.
d. decrease, U.S. imports decrease, and U.S. net exports will not change.
d
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There is a deadweight loss if a natural monopoly is regulated to use
A) marginal cost pricing and if it is regulated to use average cost pricing. B) average cost pricing and if it is allowed to be unregulated and maximize its profit. C) marginal cost pricing and if it is allowed to be unregulated and maximize its profit. D) None of the above answers is correct.
Refer to Table 2-2. Assume Billie's Bedroom Shop only produces pillows and blankets. A combination of 9 pillows and 21 blankets would appear
A) along Billie's production possibilities frontier. B) inside Billie's production possibilities frontier. C) outside Billie's production possibilities frontier. D) at the vertical intercept of Billie's production possibilities frontier.
Contracts reduce the level of specialization in an economy
a. True b. False
In a mixed economy, there is some public influence over the workings of free markets
a. True b. False Indicate whether the statement is true or false