Use the following graph to answer the next question.
If U.S. citizens flock to Canada for summer vacations and buy more Canadian goods and services, ________.
A. the price of U.S. dollars in Canadian dollars will rise
B. the price of U.S. dollars in Canadian dollars will fall
C. the demand curve will shift right
D. the supply curve will shift left
Answer: B
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A surplus of shoes will cause
a. a decrease in the supply of shoes b. a decrease in the demand for shoes c. both a decrease in the supply of shoes and an increase in the demand for shoes d. a decrease in the price of shoes, through a shift of either the supply curve or the demand curve e. a decrease in the price of shoes
How much is the concentration ratio in the oil industry if these are the sales of the leading firms: Amoco, 6%; Exxon Mobil, 15%; BP, 9%; Gulf, 7%; Hess, 11%; Sunoco, 12%; Occidental, 10%; and Shell, 8%?
What will be an ideal response?
The domestic demand and supply for sugar are Qd = 60,000 ? 400P and QSD = 20,000 + 500P. The foreign supply is QSF = 20,000 + 100P. How many units of sugar will domestic producers supply after the quota is imposed?
A. 35,000 B. 30,000 C. 23,000 D. 58,000
When the consumer spends a large portion of her income on a good, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) elastic, unit-elastic or inelastic depending upon supply.