Give an example from your text of a nontariff measure that could reduce the quantity of imports or exports
What will be an ideal response?
Special fees imposed on importers, burdensome and unnecessary customs procedures, unreasonable technical standards, phony health and safety standards, state trading companies, anticompetitive practices, restrictive government procurement rules, corruption
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In the above figure, what happens to the firm's optimal level of output if the price it receives for its product increases from P2 to P3?
A) Output stays the same. B) Output decreases. C) Output increases. D) There is not enough information provided to know what happens to output.
The lemons problem is that when there are hidden characteristics known only to the seller of a used car,
a. the ratio of lemons to high-quality cars is likely to be high b. the ratio of lemons to high-quality cars is likely to be low c. good used cars will sell for more than their market value d. no lemons will be offered on the market e. the price of lemons will be below their market value