Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because
A) they do not want to offend their employers who want them.
B) politicians lobby to convince workers the restrictions will make them better off.
C) they believe the restrictions will protect their jobs.
D) they don't understand that the restrictions will threaten their jobs.
Answer: C
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Suppose the supply of apartments in Minneapolis is perfectly elastic. The effect of a $100 per month tax on all apartments is that
A) landlords pay none of the tax and there is a surplus of apartments. B) landlords pay all of the tax and suffer all of the deadweight loss. C) landlords pay all of the tax and no changes take place in the quantity of apartments supplied. D) renters pay all of the tax. E) the government collects no tax revenue because the supply is perfectly elastic.
If a market participant believes that a stock price is irrationally high, they may try to borrow stock from brokers to sell in the market and then make a profit by buying the stock back again after the stock falls in price. This practice is called
A) short selling. B) double dealing. C) undermining. D) long marketing.
Behavioralists believe that:
A. if four or fewer firms control more than half of the market for a product, then the Sherman Act is being violated. B. industries should be judged on the basis of their price-output behavior and their technological progressiveness. C. there is no evidence that any monopolistic industry has abused its market power. D. all concentrations of economic power are socially undesirable.
Refer to the information provided in Figure 3.19 below to answer the question(s) that follow.
Figure 3.19Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2, the equilibrium price will change from ________ and the equilibrium quantity will change from ________.
A. $7.00 to $5.00; 7 to 10 B. $7.00 to $5.00; 7 to 4 C. $5.00 to $7.00; 4 to 7 D. $5.00 to $7.00; 10 to 7