Free trade refers to trade between countries
A) that is licensed by both governments.
B) that is without shipping costs.
C) of products which are free to low-income consumers.
D) that is without restrictions.
D
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In Great Britain, raising taxes on gasoline has increased the costs of supplying gasoline. As a result, the equilibrium quantity of gasoline ________, and the equilibrium price of gasoline ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls E) does not change; rises
Elasticity measures
a. whether a price increase causes quantity demanded to increase or decrease b. the strength of an economy's tendency to recover from recession c. the responsiveness of decision makers to changes in prices, income, or other variables d. the profitability of investment in an industry e. the long-run flexibility of prices in the economy
The statement "The income tax is unfair to those who work hard to earn their incomes" is an example of positive economic analysis
a. True b. False Indicate whether the statement is true or false
Using time-series data, the demand function for a profit-maximizing monopolist has been estimated asQd = 142,000 - 500P + 6M - 400PRwhere Qd is the amount sold, P is price, M is income, and PR is the price of a related good. The estimated values for M and PR in 2014 are $25,000 and $200, respectively. The short-run marginal cost curve for this firm has been estimated as:MC = 200 - 0.024Q + 0.000006Q2Total fixed cost is forecast to be $500,000 in 2016. The forecasted marginal revenue function for 2016 is:
A. MR = 200,000 - 0.004Q B. MR = 424 - 0.004Q C. MR = 110 - 0.002Q D. MR = 424 - 0.002Q E. MR = 120 - 0.002Q