Q1. Assuming equal expected penalties to buyers and sellers in the market for an illegal good, which of the following most accurately describes respective equilibrium price and quantity relative to the market for a legal good? A) Higher; lower. B) Same; lower. C) Same; higher.
Q2. Which of the following is the most likely effect of a subsidy in the market for corn? A) Marginal costs will be less than marginal benefit. B) The supply curve for corn will shift downward. C) The equilibrium quantity of corn will decrease.
Q3. Which of the following is the most likely effect of a quota on wheat? A) The supply curve will shift downward. B) Marginal costs will be greater than marginal benefit. C) Nothing if the quota is set above the equilibrium quantity.
Q4. Which of the following is the most likely effect of fines and penalties that are only imposed on the seller in a market for illegal goods? A) The price will rise and the quantity supplied will remain the same. B) The price will remain the same but the quantity supplied will decline. C) The price will rise and the quantity supplied will decline. | 
发表于 2008-12-31 10:21
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