Although rice is a staple of the Japanese diet, the Japanese government has long restricted the importation of rice into Japan. The result of this import quota is:
A) to decrease the price of rice to the Japanese people.
B) to decrease the consumer surplus of Japanese rice consumers.
C) to decrease the producer surplus of Japanese rice producers.
D) a welfare gain for the Japanese people.
E) to increase the consumption of rice by the Japanese people.
B
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Refer to the following figure. What is the equation for marginal revenue?
A. MR = 4,000 - 0.005P B. MR = 20 - 200Q C. MR = 4,000 - 200Q D. MR = 20 - 0.01Q E. MR = 4,000 - 200P
The federal government spends the largest amount of its budget on Social Security, which is an example of
a. federal aid to state and local government b. discretionary spending ' c. mandatory spending d. defense spending
The Nash Equilibrium outcome assures the maximum profit for firms.
Answer the following statement true (T) or false (F)
If capital and labor each grow 5% in a year, the elasticities of output with respect to capital and labor sum to one, and productivity grows 2% in the year, by how much does output grow during the year?
A. 2% B. 3% C. 7% D. 5%