Individual banks always respond quickly and significantly to changes in the discount rate

The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. The smallest tariff necessary to completely eliminate imported rice is

A) $1 per unit. B) $25 per unit. C) $50 per unit. D) Not enough information.

What is the meaning of "a defective telescopic faculty," as described by A.C. Pigou?

a. Persons are unable to plan rationally for consumption. b. Persons zero in on something and cannot consider alternatives. c. Persons seek long-term goals and ignore present problems. d. Persons are unable to give adequate weight to the future.