Refer to the graphs shown. The relevant market is corn. The impact of a poor corn harvest on the market for corn would most likely be demonstrated by which graph?
A. Graph a
B. Graph b
C. Graph c
D. Graph d
Answer: C
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Which of the following variables is the key determinant in deciding whether goods are to be bought domestically or imported?
A) The real exchange rate B) The domestic interest rate C) The nominal exchange rate D) The foreign interest rate
If the income elasticity of demand is negative, this means that the good is
a. an inferior good b. sold at a lower than equilibrium price c. provided by a monopoly producer d. provided by competitive producers e. a normal good
Which of the following positions would a mercantilist support?
a. Trade in manufacturing goods is good for the US. b. Imports to the U.S. from Japan are beneficial to the U.S. c. Exports from Japan to the U.K. are beneficial to Japan. d. Movement of labor from UK to US is beneficial to US.
Monopolistically competitive firms prevent the efficient use of resources because in long-run equilibrium
A. price equals marginal cost. B. price is greater than marginal cost. C. price is less than marginal cost. D. marginal cost is less than average total cost.