Any restriction of international trade that is accomplished by a quota can also be accomplished by a tariff.
Answer the following statement true (T) or false (F)
True
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If a seller's marginal cost is $25, and the price at which the good is sold is $15, the producer surplus is ________
A) -$10 B) $10 C) $15 D) $25
A common assumption that economists make about the behavior of elected officials is that they try to
a. maximize the size of their government salaries b. maximize the size of their control over the budget process c. maximize the number of votes they receive in the next election d. minimize the government's expenditures in order to balance the budget e. conform to the wishes of special interest groups so that the government behaves as a single, consistent decision maker
To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
The loss of the profit motive by a publicly owned natural monopoly could:
A. increase the motivation to improve efficiency. B. reduce the motivation to improve efficiency. C. increase the incentive to provide better service. D. increase the incentive to lower costs.