Which of the following is true of an import quota?
a. is a tax of imported goods
b. limits quantity of imports allowed into a country
c. will decrease the price of imported goods
d. will raise revenue for the government
e. helps to address a balance of trade surplus
Ans: b. limits quantity of imports allowed into a country
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Suppose one of baseball's most controversial records - the Bonds' career home run record - were on the line. Tickets to the games leading up to breaking of the record might command three times the face-value price for tickets. Economists would suggest that a scalping market would appear and it
A. cause the price to fall back to the face value. B. cause the price to fall below the face value. C. would make all ticket holders and potential buys worse off. D. would make all ticket holders and potential buys better off (or at least no worse off).
The Fed is part of the executive branch of the federal government
a. True b. False Indicate whether the statement is true or false
Marginal utility is
A) the utility received from consuming one unit of a good. B) the change in total utility due to a one-unit change in the quantity of a good consumed. C) the total utility received from consuming a certain quantity of a good divided by the quantity. D) the utility received by the last consumer of a good.
The public education system is an example of
A) an income maintenance program. B) a negative income tax. C) the poor paying more than the market price for a service they receive. D) a subsidized service.