The law of supply states that there is
A. a direct relationship between profit and quantity supplied, ceteris paribus.
B. no relationship between price of resources and number of suppliers, ceteris paribus.
C. an inverse relationship between price and technology, ceteris paribus.
D. a direct relationship between price and quantity supplied, ceteris paribus.
Answer: D
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A) decreases; taxes increase B) decreases; transfer payments increase C) increases; government expenditures decrease D) decreases; aggregate income increases
If the effective rate of protection is greater than the nominal rate of protection, there must be tariffs on intermediate products
Indicate whether the statement is true or false
For a consumer not bound by the collateral constraint, a reduction in the price of the collateral leads to
A) nothing. B) an increase in current consumption and a decrease in future consumption. C) a decrease in current consumption and no change in future consumption. D) a decrease in current and future consumption.
If demand is unit elastic, then a 10 percent increase in price will lead to a 10 percent drop in quantity demanded
a. True b. False Indicate whether the statement is true or false