Suppose the demand for pens increases and the supply for pens decreases. What effect will it have on the quantity?
a. It will rise
b. It will fall
c. uncertain
d. None
c
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Refer to Table 19-18. What is real GDP in 2016, using 2016 as the base year?
A) $28,885 B) $11,790 C) $11,200 D) $10,275
A unit tax is a fixed amount per unit of a commodity sold.
A. True B. False C. Uncertain
A quota:
A. is a tax on imports. B. is a tax on exports. C. directly limits the total quantity of a good that can be imported. D. directly limits the total quantity of a good that can be exported.
Recall the Application about the lack of property rights in Peru, and why clear property rights are important for economic growth in developing countries, to answer the following question(s). According to this Application, clear property rights are important for economic growth, because without a clear title to property:
A. the property cannot be used as collateral for loans. B. people will not reside on the property. C. no utilities will be available for the property. D. the property has no value.