Nontariff measures are generally much more difficult to eliminate than tariffs and quotas because they are embedded more deeply in national economic policies
Indicate whether the statement is true or false
TRUE
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Which of the following items is likely to have the highest income elasticity of demand?
A) water B) a hamburger C) a luxury cruise to several European countries D) breakfast cereal
When considering trade of two goods between two people, if one person has all the endowment of both goods, this allocation
A) is never on a contract curve. B) will result in trade so each person has all of one good. C) will result in trade to a equal division of goods between the two people. D) is Pareto efficient.
When raising taxes, the price effect tells us that the:
A. higher tax rate causes fewer units to be sold. B. government gets more revenue per units sold. C. government gets less revenue per unit sold. D. higher tax rate causes more units to be supplied.
The market system does not produce public goods because
A. there is no need or demand for such goods. B. public enterprises can produce such goods at lower cost than can private enterprises. C. their production seriously distorts the distribution of income. D. private firms cannot stop consumers who are unwilling to pay for such goods from benefiting from them.