Externalities can be produced by ____________, as well as ____________.
A. individuals; firms
B. market prices; market incomes
C. oceans; streams
D. none of these answer options are correct.
A. individuals; firms
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An ideal voting system will not function if a _________ is present, and has the power to enact his or her own preferences.
A. bully B. representative C. consul D. dictator
When a tariff is? imposed, the supply curve for the imported good
A) shifts downward and to the right.
B) shifts upward and to the left.
C) does not change.
D) becomes perfectly inelastic.
Bad health is an example of:
A. a poverty trap. B. a societal trap. C. a social digression. D. None of these is true.
Use the following graph, where Sd and Dd are the domestic supply and demand curves for a product, to answer the next question.
The world price of the product is $6. If an import quota of 40 units is imposed on the product, then the equilibrium price would be_____ and the quantity consumed would be ________ units.
A. $6; 80 B. $12; 50 C. $10; 60 D. $8; 70