1. When markets fail, public policy can
a. do nothing to improve the situation
b. potentially remedy the problem and increase economic efficiency
c. always remedy the problem and increase economic efficiency
d. In theory, remedy the problem, but in practice, public policy has proven to be ineffective
2. An important factor in the decline of the US textile industry ever the past 100 or so years is
a. foreign competitors that can produce quality textile goods at low cost.
b. lower prices of goods that are substitutes for clothing
c. a decrease in Americans' demand for clothing, due to increased income and the fact that clothing is an inferior
d. the fact that the minimum wage in the US has failed to keep pace with the cost of living
3. Patterns of trade among nations are primarily determined by
a. cultural considerations.
b. political considerations
c. comparative advantage
d. differences in the income elasticity of demand among nations
4. A tax on an imported good is called a
c. supply tax
d. trade tax
5. A quota is
a. a tax placed on imports.
b. a limit on the quantity of imports.
c. a tax on exports to other countries.
d. an excess of exports over imports.
6. A common argument in favor of restricting trade
a. concerns the strategy of bargaining.
b. is that efforts should be made to get new industries started.
c. emphasizes the belief that all countries should play by the same rules.
d. All of the above are correct.
7. Externalities are
a. side effects passed on to a party other than the buyers and sellers in the market.
b. side effects of government intervention in markets.
c. external forces that cause the price of a good to be higher than it otherwise would be.
d. external forces that help establish equilibrium price.
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