A consequence of the quota that has been imposed on the importation of sugar into the United States is
A) consumers are protected from eating unsafe products made from cheap imported sugar.
B) competition in the U.S. sugar market is reduced.
C) the cost of producing cereal, chocolate, and candy products in the United States is reduced.
D) the market for sugar in the United States has become monopolistically competitive rather than oligopolistic.
Answer: B
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In the figure above, the shift in the aggregate demand curve from AD1 to AD2 could be result of
A) an increase in government expenditures on goods and services. B) a decrease in the quantity of money. C) a rise in the price level. D) a fall in the price level. E) an increase in taxes.
A good that is neither rival nor exclusive is called
a. a private good b. a public good c. a quasi-private good d. an external good e. an open access good