Over the next 15 years, ___ out of every 10 people added to the world's population will be born in developing countries
A. 6
B. 7
C. 8
D. 9
D. 9
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Suppose that domestic personal computer firms complain to Congress that cheap exports are driving them out of business. Congress, worried about job losses, decides to restrict trade, and is considering either a tariff or a quota on imported personal
computers. a . Explain which Congress will choose if it wants to restrict trade, yet please importers. b. Explain which Congress will choose if it wants to use the restriction as a source of revenue. c. How do tariffs and quotas differ?
The substitution bias refers to:
A. the failure of the Lespeyres index to capture a consumer's tendency to purchase the same bundle of goods as prices change. B. the substitution effect is positive for a price increase. C. the substitution effect is negative for an inferior good. D. the failure of the Lespeyres index to capture a consumer's tendency to substitute away from goods that have become more expensive.
An efficient allocation of resources occurs when we
A) produce the goods and services that people need. B) cannot produce more of a good or service without giving up some other good or service that we value more highly. C) produce the goods and services that people want. D) cannot produce more of a good or service without giving up some other good or service that we need.
A firm that has a great deal of control over the price of a good is said
A) to function in a black market. B) to create a tax incidence. C) to have monopoly power. D) to be in an antitrust position.