The above figure shows the market for rice in Japan. S2 represents the domestic supply curve, and S1 represents the world supply curve. If imported rice is banned, the loss in social welfare is

The Board of Governors of the Federal Reserve consists of seven members, each of which are

A) appointed by the president of the United States. B) elected by the public every two years. C) presidents of one of the 12 regional Federal Reserve Banks. D) CEOs of commercial banks within each Federal Reserve district.

When a polluter has to bear the full social cost of their actions, they will

A) weigh the costs and benefits of each potential action and might decide to not stop polluting by paying a fine. B) go out of business since pollution abatement is expensive. C) will always decide to reduce the amount of pollution by reducing the quantity they produce. D) increase the price of the product and the quantity produced to pay for the additional costs.