Homework Answers
Q6. Option 2. Free rider problem occurs when people start to use without limits which leads to over exploitation
Q7. Option 1.
Q8. Option 3. As it leads to inefficiency of market
Q9. Option 2
Q10. Option 2. Subsidies creates imbalance between demand and supply which leads to market imbalances
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Question 6 The reason that the cost of a tax (the tax incidence) is divided as...
Question 6 The reason that the cost of a tax (the tax incidence) is divided as it is depends fundamentally on the...
Question 6 The reason that the cost of a tax (the tax incidence) is divided as it is depends fundamentally on the principal-agent problem the free rider problem trade being voluntary, and consumers and producers being free to leave a market and choose alternatives - the laws in the US marketplace Question 7 1 pts The producer surplus is the total producers' gain from trade the total trades that happen above the market price the excess produced over that demanded...
QUESTION 16 If the world price of cotton is less that the price that would occur...
QUESTION 16 If the world price of cotton is less that the price that would occur domestically without trade, then a country will decrease its demand for cotton and increase its demand for cotton substitutes increase its demand for cotton and decrease its demand for cotton substitutes import cotton export cotton QUESTION 17 A trade quota is a restriction on the quantity of goods that can be imported a tax on imports a tax on exports the restriction of trade...
Question Completion Status: QUESTION 19 When the government increases tariffs production switches from low-cost foreign producers...
Question Completion Status: QUESTION 19 When the government increases tariffs production switches from low-cost foreign producers to high-cost domestic producers, wasting resources domestic producers buy more of the good, increasing the gains from trade domestic producers produce more output, increasing the gains from trade deadweight losses are eliminated because foreign producers sell below their product cost QUESTION 20 As a result of tariffs, domestic producers tend to • gain more than domestic consumers lose • spend less money on lobbying...
Benefits vs Costs of subsidizing agricultural products. 7 Review Question 6-7 (Autogradable) In the United States,...
Benefits vs Costs of subsidizing agricultural products.
7 Review Question 6-7 (Autogradable) In the United States, many agricultural products (such as corn, wheat, and rice) are subsidized. What are the benefits of subsidizing these products? Instructions: You may select more than one answer. Click the box with a check mark for correct answers the wrong answers ts eBook higher prices for consumers and producers eferences lower prices for consumers and producers higher prices for consumers and lower prices for producers...
True or false? (2 points) A price-discriminating monopolist will always create deadweight loss. (2 points) A...
True or false? (2 points) A price-discriminating monopolist will always create deadweight loss. (2 points) A monopoly market has barriers to entry and no close substitutes. (2 points) Unlike the monopolist, a monopolist creates an efficient market by payer workers less. (2 points) All else equal, the lower the price, the higher the consumer surplus. (2 points) A tax on buyers does not change the producer surplus because it is paid by consumers.
is 19 wrong? need help with 20 O lower domestic consumption of the good than under...
is 19 wrong? need help with 20
O lower domestic consumption of the good than under free trade lower domestic production of the good than under free trade QUESTION 19 When the government increases tariffs O production switches from low-cost foreign producers to high-cost domestic producers, wasting resources domestic producers buy more of the good, increasing the gains from trade domestic producers produce more output, increasing the gains from trade deadweight losses are eliminated because foreign producers sell below their...
63. Which statement is generally NOT true with regard to the effect of trade on wages...
63. Which statement is generally NOT true with regard to the effect of trade on wages in developing countries? A. Working conditions, although often less pleasant than in developed nations, are generally improved with foreign investment. B. Foreign companies tend to reduce the overall number of jobs available in developing countries. C. Wages offered by foreign companies are generally higher than wages offered by local companies. D. Foreign companies generally pay lower wages in developing countries than they do back...
34) A legal maximum price at which a good can be sold is a price: A)...
34) A legal maximum price at which a good can be sold is a price: A) stabilization. B) floor. C) support. D) ceiling 35) When supply is more elastic than demand, A) producers carry the majority of the tax burden. B) producers and consumers camy an equal amount of the tax burden. C) producers carry all of the tax burden. D) consumers carry the majority of the tax burden. 36) Which is an example involving an external benefit? A) air...
Question Completion Status: QUESTION 1 exists in society. When I benefit because you increase your education a ca....
Question Completion Status: QUESTION 1 exists in society. When I benefit because you increase your education a ca. positive private cost b. positive private benefit C. negative externality d. positive externality QUESTION 2 When a positive externality is present the market will produce a. too little and charge more than a fair market value price. b. too little product and charge less than a fair market value price. C. an efficient amount and charge a fair price. d. too much...
QUESTION 17 A trade quota is O a restriction on the quantity of goods that can...
QUESTION 17 A trade quota is O a restriction on the quantity of goods that can be imported O a tax on imports O a tax on exports the restriction of trade through regulations on domestic producers QUESTION 18 A tariff on a good when the world price is lower than the domestic price leads to O tariff revenues that will be lower than under free trade domestic imports that will be higher than under free trade lower domestic consumption...
Question 6 The reason that the cost of a tax (the tax incidence) is divided as it is depends fundamentally on the principal-agent problem the free rider problem trade being voluntary, and consumers and producers being free to leave a market and choose alternatives - the laws in the US marketplace Question 7 1 pts The producer surplus is the total producers' gain from trade the total trades that happen above the market price the excess produced over that demanded...
QUESTION 16 If the world price of cotton is less that the price that would occur domestically without trade, then a country will decrease its demand for cotton and increase its demand for cotton substitutes increase its demand for cotton and decrease its demand for cotton substitutes import cotton export cotton QUESTION 17 A trade quota is a restriction on the quantity of goods that can be imported a tax on imports a tax on exports the restriction of trade...
Question Completion Status: QUESTION 19 When the government increases tariffs production switches from low-cost foreign producers to high-cost domestic producers, wasting resources domestic producers buy more of the good, increasing the gains from trade domestic producers produce more output, increasing the gains from trade deadweight losses are eliminated because foreign producers sell below their product cost QUESTION 20 As a result of tariffs, domestic producers tend to • gain more than domestic consumers lose • spend less money on lobbying...
Benefits vs Costs of subsidizing agricultural products.
7 Review Question 6-7 (Autogradable) In the United States, many agricultural products (such as corn, wheat, and rice) are subsidized. What are the benefits of subsidizing these products? Instructions: You may select more than one answer. Click the box with a check mark for correct answers the wrong answers ts eBook higher prices for consumers and producers eferences lower prices for consumers and producers higher prices for consumers and lower prices for producers...
is 19 wrong? need help with 20
O lower domestic consumption of the good than under free trade lower domestic production of the good than under free trade QUESTION 19 When the government increases tariffs O production switches from low-cost foreign producers to high-cost domestic producers, wasting resources domestic producers buy more of the good, increasing the gains from trade domestic producers produce more output, increasing the gains from trade deadweight losses are eliminated because foreign producers sell below their...
34) A legal maximum price at which a good can be sold is a price: A) stabilization. B) floor. C) support. D) ceiling 35) When supply is more elastic than demand, A) producers carry the majority of the tax burden. B) producers and consumers camy an equal amount of the tax burden. C) producers carry all of the tax burden. D) consumers carry the majority of the tax burden. 36) Which is an example involving an external benefit? A) air...
Question Completion Status: QUESTION 1 exists in society. When I benefit because you increase your education a ca. positive private cost b. positive private benefit C. negative externality d. positive externality QUESTION 2 When a positive externality is present the market will produce a. too little and charge more than a fair market value price. b. too little product and charge less than a fair market value price. C. an efficient amount and charge a fair price. d. too much...
QUESTION 17 A trade quota is O a restriction on the quantity of goods that can be imported O a tax on imports O a tax on exports the restriction of trade through regulations on domestic producers QUESTION 18 A tariff on a good when the world price is lower than the domestic price leads to O tariff revenues that will be lower than under free trade domestic imports that will be higher than under free trade lower domestic consumption...
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