Allocative efficiency occurs where:
a. the price of a good is less than the marginal cost of producing it.
b. the price of a good is greater than the marginal cost of producing it.
c. the price of a good is equal to the marginal cost of producing it.
d. the greatest quantity of output is available for sale.
Question 2
The basic difference between a tariff and quota is that:
a. a quota can be imposed both on imports and exports, whereas a tariff can be imposed only on imports.
b. a quota yields revenue to the government, whereas a tariff does not yield any revenue.
c. a tariff reduces the import of the goods with greater certainty than quota as the amount of import restricted by quota depends on the price elasticity of demand for importable.
d. a tariff is a quantitative restriction on imports, whereas a quota is an import duty.
e. a tariff raises the price of the product only in the domestic market, whereas with a quota, both domestic and foreign producers receive a higher price.
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