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Question
The United States has placed a limit on the amount of oil that can be imported. This is an example of a(n)
a. import quota.
b. tariff.
c. voluntary export restraint.
d. import subsidy.
e. export subsidy.
Answer
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Related questions
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When the price elasticity of demand is elastic, a consumer is
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b. relatively unresponsive to a change in price.
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e. completely responsive to a change in price.
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If the price elasticity of demand for Good A is - 0.2 and the price increases from $2.25 to $2.75, the percentage change in the quantity demanded of Good A is
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Price gouging laws will usually result in ________ the product in the distressed market.
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b. more local business start-ups to supply
c. government setting up an agency to regulate supply of
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The economic entity most likely to engage in price gouging is
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Q:
The long-run effects of rent control support one of the five foundations of economics, namely, that
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What will an individual do differently as a buyer in the black market in the long run?
a. He or she will substitute away from the product.
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d. When a binding price ceiling exists, he or she will be willing to pay a lower price.
e. What he or she does as a buyer in the long run will be no different from what he or she does in the short run.
Q:
What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
c. A shortage will continue to exist and will grow larger over time.
d. A shortage will continue to exist and will grow smaller over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
a. Prices in the legal market in the community with a binding price ceiling will rise.
b. Prices in the legal market in the community with a binding price ceiling will fall.
c. There will be shortages in the community with a binding price ceiling.
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Q:
One strategy someone might use to be elected mayor of a university town is to place a binding price ceiling on rent for student apartments. What will happen if he or she gets elected and is able to pass such a law?
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Q:
Why would a politician find it difficult to remove a binding price ceiling?
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b. because it greatly benefits government, which receives additional tax revenue as a result
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Q:
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a. Demand for jelly will increase along with the price.
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Q:
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Q:
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