One advantage of a tariff over a quota, from the perspective of the nation imposing it, is that a tariff
a. decreases the domestic price
b. increases the foreign price
c. increases the quantity of imports
d. decreases the quality of imports
e. raises tax revenue
E
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The key explanation for the prevalence of waterway pollution is: a. the inclusion in decisions of all production costs associated with the use of waterways
b. that there are private costs but no costs to society associated with the use of waterways that are not costs to society. c. that waterways are not private property and can be used free of charge. d. that waterways are not of great value to society.
The excess capacity theorem states that
a. society is worse off with fewer monopolistic competitors. b. costs of production under monopolistic competition can be lowered by reducing the number of producers. c. lack of excess capacity leads to shortages during periods of unexpected growth in demand for goods produced by monopolistic competition. d. there is too much choice in our economy.