Refer to the diagram, where S d and D d are the domestic supply and demand for a product and P c is the world price of that product. With a per-unit tariff of P c P t , the total amount of tariff revenue collected on this product will be:
A. P a P t times wy.
B. P c P a times x.
C. P c P t times wy.
D. P c P t times z.
C. P c P t times wy.
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The equilibrium exchange rate is 0.70 euros per dollar. At this exchange rate, the quantity demanded equals the quantity supplied and is $1.3 trillion a day. If the exchange rate is now 0.80 euros per dollar, then
A) there is a shortage of dollars and the exchange rate falls. B) there is no change. C) there is a surplus of dollars and the exchange rate falls. D) there is a surplus of dollars and the exchange rate rises. E) there is a shortage of dollars and the exchange rate rises.
Pollution is a negative externality, but it is not appropriate to view the problem of pollution as a common-resource problem
a. True b. False Indicate whether the statement is true or false
One of the primary functions of markets could be labeled
A. stimulation. B. coordination. C. planification. D. decentralization.
Mr. Ramirez lost his job at a steel mill due to competition from cheaper imported steel. He would be classified as
A. cyclically unemployed. B. not in the labor force. C. frictionally unemployed. D. structurally unemployed.