Author Question: Although rice is a staple of the Japanese diet, the Japanese government has long restricted the ... (Read 121 times)

casperchen82 · **on:** Jul 1, 2018

Although rice is a staple of the Japanese diet, the Japanese government has long restricted the importation of rice into Japan. The result of this import quota is:

A) to decrease the price of rice to the Japanese people.
B) to decrease the consumer surplus of Japanese rice consumers.
C) to decrease the producer surplus of Japanese rice producers.
D) a welfare gain for the Japanese people.
E) to increase the consumption of rice by the Japanese people.

Question 2

Which of following is an example of a homogeneous product?

A) Gasoline
B) Copper
C) Personal computers
D) Winter parkas
E) both A and B