A country with high economic growth:
A. will definitely experience high economic development.
B. will never experience high economic development.
C. not necessarily will experience high economic development.
D. may not experience economic development without attention paid to policy actions.
D. may not experience economic development without attention paid to policy actions.
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Relative to free trade, when a tariff is imposed in a market for an imported good,
A) the consumer surplus in that market increases. B) the producer surplus in that market decreases. C) the total surplus in that market decreases. D) tariff revenue decreases. E) deadweight loss decreases.
In order to avoid the imposition of other types of trade barriers, foreign producers will sometimes agree to voluntary export restraints. With voluntary export restraints, foreign producers
A) must agree to import an equal quantity of products that they export. B) agree to meet specific quality standards required by the importing country. C) pay a tax on all products they export. D) limit their exports to a country.
Average cost curves have the same basic shape as
A. total cost curves. B. marginal cost curves. C. total fixed cost curves. D. average fixed cost curves.
Assume the market is in equilibrium in the graph shown at demand D and supply S1 (at a quantity of 5). If the supply curve shifts to S2, and a new equilibrium is reached (at a quantity of 7), which of the following is true?
A. Total surplus increases by $12.50.
B. Total surplus decreases by $12.50.
C. Total surplus increases by $15.50.
D. Total surplus decreases by $15.50.