Over the past six decades, the U.S. economy has experienced a dramatic increase in the relative importance of international trade and finance
a. True
b. False
Indicate whether the statement is true or false
True
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When the demand for a product is less elastic than the supply, consumers pay the majority of the tax on the product
Indicate whether the statement is true or false
During the ________ output ________ its natural level
A) late 1990s, exceeded B) 1960s, deviated relatively little from C) early 1980s, tended to exceed D) all of the above
The firm is considering changing its price to $900. Predict the quantity demanded at that price, all other things equal and provide a 95% confidence interval on your estimate
(In doing this, explain the value of t-critical you will use in developing your 95% confidence interval.)
The world price of a ton of steel is $650 . Before Russia allowed trade in steel, the price of a ton of steel there was $1,000 . Once Russia allowed trade in steel with other countries, Russia began
a. exporting steel and the price per ton in Russia decreased to $650. b. exporting steel and the price per ton in Russia remained at $1,000. c. importing steel and the price per ton in Russia decreased to $650. d. importing steel and the price per ton in Russia remained at $1,000.