If an excise tax is imposed on automobiles,
a. the demand curve will shift upward and the market price will increase
b. the supply curve will shift downward and the market price will increase
c. the supply curve will shift upward and the market price will increase
d. the equilibrium quantity supplied will increase
e. the equilibrium quantity demanded will increase
C
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The above figure shows the U.S. market for wheat. With no international trade, the price of wheat in the United States is ________ per ton. With international trade, the price of wheat in the United States is ________ per ton
A) $700; $300 B) $500; $700 C) $500; $300 D) $14; $16 E) $16; $14
At a product's equilibrium price
A) anyone who needs the product will be able to buy the product, regardless of ability to pay. B) not all sellers who are willing to accept the price will find buyers for their products. C) the federal government will provide the product to anyone who cannot afford it. D) any buyer who is willing and able to pay the price will find a seller for the product.
As the value of the Gini coefficient approaches zero
A) the percentage of the population under the poverty line decreases. B) the percentage of the population under the poverty line increases. C) income distribution becomes more unequal. D) income distribution becomes less unequal.
If the demand for apples increases at the same time the supply of apples falls, the price of apples will tend to fall
a. True b. False Indicate whether the statement is true or false