In 2011, a number of Canadians purchased homes in Arizona. Which of the following would not be a logical explanation for this?
A) The value of the Canadian dollar relative to the U.S. dollar increased during this time.
B) The U.S. dollar appreciated relative to the Canadian dollar during this time.
C) The Canadian dollar appreciated during this time.
D) The U.S. dollar depreciated during this time.
B
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Payroll tax is a proportional tax.
Answer the following statement true (T) or false (F)
Consider a two-good world, with commodities X and Y. Which of the following statements is correct?
A. Both good X and good Y can be inferior goods. B. If good X is an inferior good, good Y must be a normal good. C. Both X and Y must be normal goods. D. If good X is a normal good, good Y must be an inferior good.
Suppose the quantity demanded is 1,000 million bushels of peaches per year when the price is $3 per bushel and 1,500 million bushels when the price is $1 per bushel. The price elasticity of demand in this range of the demand curve is:
a. elastic. b. inelastic. c. unitary elastic. d. infinitely elastic.
When a country abandons a no-trade policy, adopts a free-trade policy, and becomes an exporter of a particular good,
a. consumer surplus increases and total surplus increases in the market for that good. b. consumer surplus increases and total surplus decreases in the market for that good. c. consumer surplus decreases and total surplus increases in the market for that good. d. consumer surplus decreases and total surplus decreases in the market for that good.