Figure 4-24
Refer to . The equilibrium price before the tax is imposed is
a.
P1.
b.
P2.
c.
P3.
d.
None of the above is correct.
b
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If both demand and supply rise, which of the following must be true?
a. The equilibrium quantity will rise. b. The equilibrium quantity will fall. c. The equilibrium quantity will not change. d. The change in the equilibrium quantity is indeterminate.
At one point along a PPF, 10 pizzas and 7 sandwiches can be produced. At another point along the same PPF, 9 pizzas and 10 sandwiches can be produced. The opportunity cost of a pizza between these points is ________ per pizza
A) 7/10 of a sandwich B) 10/7 of a sandwich C) 1/3 of a sandwich D) 3 sandwiches
Countries with low levels of GDP per capita usually also have:
A. mandatory military service. B. highly developed infrastructures. C. low levels of schooling. D. high levels of schooling.
An import is a product:
A. produced in and purchased by residents of the home country. B. produced in and sold to the residents of a foreign country. C. produced in the home country and sold in another country. D. produced in a foreign country and purchased by the residents of the home country.