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businesseconomicseconomics questions and answersin economic terms, tariffs are preferred to quotas because select one: a. given the way quotas are usually administered, tariffs cause a smaller net national welfare loss. b. quotas create a greater production inefficiency. (wrong) c. there is less loss of consumer surplus. d. tariffs are easier to administer. e. domestic manufacturers gain more producer
Question: In Economic Terms, Tariffs Are Preferred To Quotas Because Select One: A. Given The Way Quotas Are Usually Administered, Tariffs Cause A Smaller Net National Welfare Loss. B. Quotas Create A Greater Production Inefficiency. (WRONG) C. There Is Less Loss Of Consumer Surplus. D. Tariffs Are Easier To Administer. E. Domestic Manufacturers Gain More Producer
In economic terms, tariffs are preferred to quotas because
Select one:
A.
given the way quotas are usually administered, tariffs cause a smaller net national welfare loss.
B.
quotas create a greater production inefficiency. (WRONG)
C.
there is less loss of consumer surplus.
D.
tariffs are easier to administer.
E.
domestic manufacturers gain more producer surplus.
In the factor market
Select one:
A.
businesses trade products for resources.
B.
producers trade resources for money.
C.
consumers trade money for products.
D.
consumers trade resources for products.
One of the absolute rules that must apply for an economy to properly function is the
Select one:
A.
Law of Demand
B.
Rules of Supply and Demand (WRONG)
C.
Rule of Law
D.
Trade protectionism
In a market economy, who owns the natural, human, and capital resources?
Select one:
A.
Government
B.
Businesses (WRONG)
C.
Financial Institutions
D.
Households
For Businesses to use the resources of an economy, they must exchange them for
Select one:
A.
Redemption certificates (WRONG)
B.
Money
C.
I.O.U.s for stock purchases
D.
Ownership in the business