Which of the following benefits from a quota or VER?
A. consumers
B. domestic producers
C. the government
D. All of these
Answer: B
You might also like to view...
The President's statement that "to encourage economic growth, taxes should be cut"
A) would be an example of a normative statement. B) would be an example of a positive statement. C) would be an example of a microeconomic statement. D) would be a statement of mercantilist economic philosophy.
Suppose the government has imposed a price floor on cellular phones. Which of the following events could transform the price floor from one that is binding to one that is not binding?
a. Cellular phones become less popular. b. Traditional land line phones become more expensive. c. The components used to produce cellular phones become less expensive. d. Firms expect the price of cellular phones to fall in the future.
Suppose rice is a normal good. If consumers' incomes fall, and a new technology is introduced that lowers the marginal cost of producing rice, then the equilibrium:
A. price of rice will increase, but we cannot say for sure what will happen to the equilibrium quantity. B. quantity of rice will increase, but we cannot say for sure what will happen to the equilibrium price. C. price of rice will fall, but we cannot say for sure what will happen to the equilibrium quantity. D. quantity of rice will decrease, but we cannot say for sure what will happen to the equilibrium price.
The United States was taken off the gold standard by
A) President Lyndon Johnson. B) President Richard Nixon. C) President Ronald Reagan. D) President Jimmy Carter.