To assist pineapple growers in Hawaii, the U.S. government decides to limit the number of pineapples allowed into the country that are grown in Central American countries
Such a restriction prevents many transactions from occurring, and results in opportunity loss which is called a(n) A) import deficit.
B) deadweight loss of a quota.
C) rent seeking loss.
D) non-cooperative surplus.
B
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The more complicated a production process is,
a. the lower the transactions cost of using markets b. the lower the cost of production c. the more likely the market will be used to organize production d. the more likely that transaction costs decrease through centralized control of production e. the more likely that transaction costs decrease through use of markets
Which of the following correctly describes the external benefit resulting from an individual's purchase of a winter flu shot?
A. The flu shot is cheaper than the cost of treatment when you get the flu. B. The income of doctors increases when you get the flu shot. C. The flu shot reduces the likelihood others will catch the flu. D. The flu shot reduces the likelihood you will miss work as the result of sickness; therefore, you will earn more income.