In an attempt to restrict imports into a country, using a tariff is likely to be less costly to the country than using a voluntary export restraint.
Answer the following statement true (T) or false (F)
True
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A ____ is a graph whose axes show the quantities of two inputs that are used to produce some output
a. production indifference map b. two-variable diagram c. scalar diagram d. time-series graph
Government failure will likely arise if
A. Government officials attempt to maximize their own utility. B. There are no valuation problems. C. The free-rider problem occurs. D. Public services have reliable market prices.
Scientists are very hesitant to base any knowledge on heuristic models because:
A. it is easy to believe a story and make sense of it within its own frame. B. they contain too many equilibria. C. they do not contain any implications for government policy and influencing choice. D. they only use the deductive approach.
Which would best explain a decrease in both the price and the quantity of a product over a period of time?
A. A decrease in people's incomes, and the product is an inferior good B. A long strike by workers who make the product C. A decrease in the price of a substitute good D. A technological improvement in production methods