Economics MCQs

Page No. 308

During periods of growing domestic demand, an import quota ?


ais less restrictive on a country’s imports than a tariff

✖


bIs more restrictive on a country’s imports than a tariff

✓


chas the same restrictive effect on a country’s imports as a tariff

✖


d will always generate increased tax revenue for the government

✖


View Answer Is more restrictive on a country’s imports than a tariff

To reduce imports, suppose that the government of Norway’s imposes a quota equal to 800 computers, Compared to what occurred under free trade, Norway’s consumers surplus will ________ and its producer surplus will _______ Can you calculate these amounts? Try plotting the information of this table on a sheet of graph paper ?


aincrease, increase

✖


bincrease, decrease

✖


cdecrease, increase

✓


ddecrease, decrease

✖


View Answer decrease, increase

In the absence of traded, Norway’s equilibrium price and quantity equal ?


a$1,500 and 2,800 computers

✖


b$2,000 and 1,600 computers

✖


c $2,500 and 2,000 computers

✓


d$3,500 and 2,000 computers

✖


View Answer $2,500 and 2,000 computers

Antidumping duties are used to ?


aoffset the margin of dumping

✓


bpunish domestic consumers for buying high-priced imported goods

✖


c discourage foreign governments from subsidizing their exporters

✖


dreduce the tariff revenue of the domestic government

✖


View Answer offset the margin of dumping

In a tariff and import quota lead to equivalent increase in the domestic price of steel, then ?


aThe quota results in efficiency reductions but the tariff does not

✖


b The tariff results in efficiency reductions but the quota does not

✖


cThey have identical impact on how much is produced and consumed

✓


dThey have identical impact on how income is distributed

✖


View Answer They have identical impact on how much is produced and consumed

If a tariff and import quota lead to equivalent increases in the domestic price of steel, then ?


a the quota results in efficiency reductions but the tariff does not

✖


bThe tariff results in efficiency reductions but the quota does not

✖


c They have different impacts on how much is produced and consumed

✖


d They have different impacts on how income is distributed

✓


View Answer They have different impacts on how income is distributed

A model of Game theory of oligopoly is known as the ?


a Prisoner’s Dilemma

✓


b Monopoly Cell

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cJailhouses Sentences

✖


dJury Box

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View Answer Prisoner’s Dilemma

Suppose that ABC publishing sells an economics textbook and accompanying study guide. Raheel is willing to pay Rs75 for the text and Rs15 for the study guide. Mariam is willing to spend Rs60 for the text and Rs25 for the study guide. Suppose both the book and study guide have a zero-marginal cost of study production. If ABC publishing charges separate price for both products its best strategy is to charge price that when combined, total ?


a Rs 85

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b Rs 75

✓


c Rs 80

✖


dRs 60

✖


View Answer Rs 75

Many economics argue that resale price maintenance ?


ahas a legitimate purpose of stopping discount retailers from free riding on the services provided by full services retailers?

✓


bis price fixing and, therefore is prohibited by law

✖


c is price fixing and therefore, is prohibited by law and enhances the market power of the producer

✖


denhances the market power of the producer

✖


View Answer has a legitimate purpose of stopping discount retailers from free riding on the services provided by full services retailers?

As the number of sellers in an oligopoly increases ?


aoutput in the market tends to fall because each firm must cut back on production

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bthe price in the market moves further from marginal cost

✖


ccollusion is more likely to occur because a larger number of firms can place pressure on any firm that defects

✖


dThe price in the market moves closer to marginal cost

✓


View Answer The price in the market moves closer to marginal cost

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