Refer to Figure 9-3. With a quota in place, what is the quantity supplied by domestic producers?
A) 8 million pounds B) 10 million pounds C) 16 million pounds D) 18 million pounds
D
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Based on this information, what would be the national standard for an allocatively efficient abatement?
Hypothetically, suppose a recent study of hazardous waste abatement (A) arrives at the following national estimates for abating chemical solvents: MSB = 100 – 0.75A and MSC = 20 + 0.50A, where A is measured in millions of tons per year, and costs are measured in millions of dollars.
Which of the following would cause an increase in aggregate demand in the short run?
A) an increase in taxes B) an increase in the supply of money C) a decrease in the price level D) a crop failure
In an arms race between two nations, both would be better off if _____
a. they could agree not to engage in the arms buildup b. if more countries entered the arms race c. one nation controlled more resources than the other d. a conflict broke out in another part of the world
If a 10 percent decrease in the price of product A brings about a 3 percent increase in the sales of product B, then:
a. products A and B are complementary. b. the cross elasticity of demand between these two products is positive. c. products A and B are substitutes. d. the demand for these products is inelastic. e. the total revenue earned from product A will decrease.