A legal limit on the amount of sugar imported into the United States is
A) a tariff.
B) a subsidy.
C) a quota.
D) a voluntary import restriction.
C
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Which of the following are TRUE regarding "positive" statements?
I. They describe what "ought to be." II. They describe what is believed about how the world appears. III. They can be tested as to their accuracy. A) I and II B) II and III C) I and III D) I, II and III
A firm should never produce any output if
A) P < AVC. B) P < ATC. C) AR < ATC. D) MR < MC.
Economics is an empirical science, which means that economists
A) look at evidence to see whether or not the model is applicable. B) test their models by utilizing unknown variables. C) do only laboratory experiments. D) refuse to test their models since the usefulness of a model is determined by whether it is logical or not.
Refer to the information provided in Figure 4.3 below to answer the question(s) that follow.
Figure 4.3Refer to Figure 4.3. Retailers will have an excess supply of pencils if the government will not allow retailers to charge less than ________ for a pencil.
A. $0.50 B. $0.45 C. $0.40 D. the equilibrium price