The figure below shows the market for MP3 players in a small country. Dd and Sd are the domestic demand and domestic supply curves of the MP3 players. QQ is the quota quantity. How many MP3 players can be imported from abroad after the quota is imposed?
A. 5 million
B. 2 million
C. 17 million
D. 12 million
Answer: A
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If Japan is twice as good at producing cameras and three times as good at producing TV sets as the United States, Japan is said to have a comparative advantage in TV sets and the United States has a comparative advantage in cameras
a. True b. False Indicate whether the statement is true or false
Suppose that as a result of expectations of lower sales in the future, a decrease in autonomous business investment causes aggregate demand to shift from AD0 to AD1 as shown in Figure 10.1. Which of the following statements is true?
A. According to Keynesian theory, additional decreases in aggregate demand will occur. B. In the absence of any additional decreases in investment, the equilibrium will remain at Q1 indefinitely. C. The GDP gap will be eliminated by the multiplier. D. According to Keynesian theory, the economy will quickly adjust back to full employment.
Industry A has four firms that each control 25 percent of the market. Industry B has six firms, where one firm controls 50 percent of the market and the other five firms control 10 percent of the market each. According to the HHI, which industry is more concentrated?
A. Industry A B. Industry B C. Both industries are equally concentrated. D. indeterminate from the given information.