When a nation removes tariffs on imported products that nation will
A. experience lower prices and consume higher quantities.
B. experience higher prices and consume higher quantities.
C. experience higher prices and consume lower quantities.
D. experience lower prices and consume lower quantities.
Answer: A
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Is it proper to say corporations pay taxes? Why or why not? How does the allocation of the corporate income tax burden change from the short to the long run?
What will be an ideal response?
If both the demand for and the supply of computers are increasing, which of the following statements is TRUE?
A) The consumer should buy a computer now since the price will be higher in the future. B) The consumer should wait and buy a computer later since the price will be lower in the future. C) The price of a computer will be the same in the future as it is now. D) It is impossible to know, given only this information, whether the prices of computers will go up or down in the future.
Prices serve the public interest by
a. making resource owners wealthy. b. rationing scarce resources. c. keeping poor people from purchasing more than they can afford. d. forcing the government to participate in the market.
Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B