A trade surplus occurs when:
A. quotas exceed tariffs.
B. tariffs exceed quotas.
C. imports exceed exports.
D. exports exceed imports.
Answer: D
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Suppose you purchase a new home for $150,000, making a down payment of 10% and taking out a mortgage on the balance. What is the return on your investment in your home if one year later the price of your home decreases by 20%?
A) -10% B) -30% C) -50% D) -200%
If a good has an absolute price elasticity of 0, the demand for the good is
A) unit elastic. B) inelastic. C) perfectly inelastic. D) elastic.
Is this outcome efficient?
a. Yes because both of them are maximizing their payoffs b. No, because both of them can do better than their current equilibrium c. No, because cheating is goodNo, because cheating is good d. All of the above
If a firm can charge different prices for each consumer it can practice
A) second degree price discrimination. B) perfect price discrimination. C) third degree price discrimination. D) consumer surplus reversal