Suppose that in Canada the government places a $1,500 tax on the buyers of new snowmobiles. After the purchase of a new snowmobile, a buyer must pay the government $1,500. How would the imposition of the tax on buyers be illustrated in a graph?
A) The tax will shift both the demand and supply curves to the right by $1,500.
B) The tax will shift the demand curve to the left by $1,500.
C) The tax will shift the supply curve to the left by $1,500.
D) The tax will shift the demand curve to the right by $1,500.
B
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Refer to the figure below. What is the price elasticity of supply at point A? 
A. 2 B. 4 C. 1/2 D. 1
In modern economies,
A) restrictions on international labor mobility are common. B) labor is far more mobile internationally than capital. C) restrictions on international labor mobility are rare. D) labor is far more mobile internationally than it is intra-nationally. E) outsourcing increases international labor mobility.
Arbitrage
a. Is the act of to buying low in one market and selling high in another market b. Can force a seller to go back to uniform pricing c. Can offset the benefits of direct price discrimination d. All of the above
Consider a market that is in equilibrium. If it experiences a decrease in demand, what will happen? The demand curve will shift to the:
A. left, and the equilibrium price and quantity will rise. B. left, and the equilibrium price will increase and the equilibrium quantity will decrease. C. left, and the equilibrium price and quantity will fall. D. right, and the equilibrium price and quantity will fall.