Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced.
B. overallocation of resources.
C. an impossible production point.
D. technological advancement.
Answer: A
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An ideal cost-of-living index measures:
A) The relative cost of maintaining a particular utility level. B) The relative changes in consumer satisfaction that arise from price increases. C) The relative price of those goods that are considered to be necessities in consumption. D) none of the above
Which of the following is not a tariff pattern of the major world traders?
A. overall tariff rates are relatively low B. tariffs are higher in agriculture than in other industrial sectors C. tariffs are higher to economically hostile countries D. commonality in the sectors they protect most
The demand for microwaves in a certain country is given by: D = 8,000 - 30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, and the government imposes a tariff of $30 per microwave, then the tariff revenue collected by the government will be ________.
A. $4,000 B. $60,000 C. $24,000 D. $40,000
The balance of payments is
A. the value of merchandise goods bought and sold in the world market. B. the value of goods and services bought and sold in the world market. C. a summary record of a country's economic transactions with foreign residents and governments. D. a summary record of a country's purchases and sales of goods and services in the world market.