According to the graph shown, if the economy were operating in autarky and then moved to free trade, the overall impact on surplus would be a net:
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. gain of FGIJKL.
B. loss of FGIJKL.
C. gain of FGJK.
D. loss of FGJK.
A. gain of FGIJKL.
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A car dealer sells you a car today in exchange for money in the future. This illustrates which function of money?
A) standard of deferred payment B) unit of account C) medium of exchange D) store of value
The break-up of slave families was most often due to:
a. the sale of fathers. b. the sale of mothers. c. the sale of children. d. divorce.
Often the pricing of one product can adversely affect the revenue earned from another produced by the same firm. This is possible if
A) the firm can separate customers into separate markets. B) the firm can exploit the different elasticities of different groups of consumers. C) the firm cannot separate customers into separate markets. D) none of these choices.
Which of the following demonstrates the law of supply?
a. When the price of leather belts rose, leather belt sellers increase their quantity supplied of leather belts. b. When car production technology improved, car producers increased their supply of cars. c. When sweater producers expected sweater prices to rise in the near future, they decreased their current supply of sweaters. d. When ketchup prices rose, ketchup sellers decreased their quantity supplied of ketchup.