Import quotas on steel tend to result in higher quantities of steel being sold at lower prices than would be observed in the absence of a quota
Indicate whether the statement is true or false
False. The opposite is true. Quotas restrict the supply curve. This reduces quantity and raises price.
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Allowing an inventor to have the exclusive rights to market her new invention will lead to (i) a product that is priced higher than it would be without the exclusive rights. (ii) desirable behavior in the sense that inventors are encouraged to invent. (iii) higher profits for the inventor
a. (i) and (ii) only b. (ii) and (iii) only c. (i) and (iii) only d. (i), (ii), and (iii)
Nearly 80 percent of the federal government receipts come from
a. individual and corporate income taxes. b. individual income taxes and social insurance revenues. c. corporate income taxes and excise taxes. d. individual income taxes and excise taxes.