In the absence of trade between the two countries, the price of rice in China in terms of radios would be
A. 1/2.
B. 2.
C. 150.
D. 300.
A. 1/2.
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If the price of personal computers were to rise, then the demand for printers would decrease because personal computers and printers are
A) complementary goods. B) consumer goods. C) inferior goods. D) substitute goods.
The figure below shows the market for computers in a small importing country. Dd and Sd are the domestic demand and supply curves of computers, respectively.
The imposition of a tariff on computers caused economic well-being in the country to ________ by
A. fall; $6 million. B. rise; $34 million. C. fall; $34 million. D. fall; $4 million.
Featherbedding allows unions to increase wages by:
A. limiting the supply of labor. B. increasing firms' demand for labor. C. forcing firms to accept higher-than-equilibrium wages. D. reducing labor share of payroll taxes.
In Figure 1.3, A, B, and C, which depicts the existence of scarcity? 
A. Figure A B. Figure B C. Figure C D. All three figures show the existence of scarcity.