901. Defenders of the use of brand names argue that brand names ?
A. all of these answers
B. are useful even in socialist economics such as the former Soviet Union
C. provide information about the quality of the product
give firms incentive to maintain high quality

902. Which of the following is not an argument put forth by economists in support of the use of advertising ?
A. Advertising increases competition
B. Advertising provides information to customers about prices, new products and location of retail outlets.
C. Advertising provides a creative outlet for artists and writers
D. Advertising provides new firms with the means to attract customers from existing firms.

903. A model of Game theory of oligopoly is known as the ?
A. Prisoner’s Dilemma
B. Monopoly Cell
C. Jailhouses Sentences
D. Jury Box

904. 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
B. The 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

905. In a tariff and import quota lead to equivalent increase in the domestic price of steel, then ?
A. The quota results in efficiency reductions but the tariff does not
B. The tariff results in efficiency reductions but the quota does not
C. They have identical impact on how much is produced and consumed
D. They have identical impact on how income is distributed

906. Antidumping duties are used to ?
A. offset the margin of dumping
B. punish domestic consumers for buying high-priced imported goods
C. discourage foreign governments from subsidizing their exporters
D. reduce the tariff revenue of the domestic government

907. During periods of growing domestic demand, an import quota ?
A. is less restrictive on a country’s imports than a tariff
B. Is more restrictive on a country’s imports than a tariff
C. has the same restrictive effect on a country’s imports as a tariff
D. will always generate increased tax revenue for the government

908. In the absence of trade, Canada’s equilibrium price and quantity equal ?
A. $65 and 40 calculators
B. $55 and 20 calculators
C. $45 and 25 calculators
D. $30 and 40 calculators

909. If imports licenses are auctioned off to domestic importers in competitive market their scarcity value (revenue effect) accrues to ?
A. foreign corporations
B. foreign workers
C. domestic corporations
D. The domestic government

910. In a cartel member firms may be given a fixed amount to produce. This is called a ?
A. Limit
B. Factor
C. Quota
D. Quotient

 

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