This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price for that good.
According to the graph shown, the amount bought by domestic consumers when there is open trade for this good is:
A. 1150
B. 250.
C. 1500.
D. 500.
Answer: C
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If a consumer is compensated for the income effect that occurs when the price of a good increases, then his demand curves can never slope upward
What will be an ideal response?
When the Lorenz curve shifts closer to the diagonal, it indicates that
a. the rich are getting richer and the poor are getting poorer b. total income is rising c. the distribution of income is becoming more equal d. the population is decreasing e. the prices of goods that make up the Lorez curve are rising
The cost of repositioning an automobile gas tank for greater safety is $11 per vehicle for 12.5 million vehicles. It is expected that 180 deaths will occur if the gas tank location is not redesigned. Failure to redesign the gas tank location therefore implies that the automobile company is implicitly valuing human life at:
A. more than $736,889. B. more than $1,000,000. C. less than $736,889. D. exactly $500,000.
Entry barriers are most significant in
A. pure competition. B. oligopoly. C. monopolistic competition. D. pure monopoly.