If a quota is imposed on imports of shrimp into the United States, U.S. consumer surplus from shrimp will ________ and U.S. producer surplus from shrimp will ________
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease
E) increase; not change
C
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If the foreign income decrease, then we might expect net export spending to:
A. increase. B. decrease. C. remain constant. D. there is not enough information to determine what would happen.
If fast food is an inferior good then:
A. the demand for fast food will fall as income falls. B. the demand for fast food will fall as income rises. C. the demand for fast food will fall as the price of fast food rises. D. the quantity of fast food demanded will rise as the price of fast food rises.
Economists concerned about economy-wide trends in the unemployment of labor, the rate of inflation, and the level of economic production are studying:
A) microeconomics. B) macroeconomics. C) specific units or parts of the economy. D) the "trees" of economic behavior, rather than the "forest."
The United States abandoned the Bretton Woods system of exchange rates in
A) the 1920s. B) the 1940s. C) the 1970s. D) the 1990s.