Which of the following features are relevant for determining the extent of a market?
A) Its geographical boundaries.
B) Technological innovations that would reduce the cost of production.
C) The range of products to be included in it.
D) both A and B
E) both A and C
E
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Ray's company just announced that everyone will be getting their pay cut by 5% in order to avoid having to close down. Ray's demand for coffee, a normal good, will likely:
A. decrease, and his demand curve will shift to the right. B. decrease, and his demand curve will shift to the left. C. increase, and his demand curve will shift to the right. D. increase, and his demand curve will shift to the left.
Consider the statement: "When the British government tripled university fees for foreign students in Great Britain, about one-half of them left to study in other countries." This move will ________ university revenues from foreign students in Great Britain.
A. not change B. increase C. decrease D. cannot determine without further information
A political failure of a trade embargo is most likely to occur if
A. the target country is a dictatorship and the dictatorship is jeopardized by retreating from the policy that provoked the embargo. B. the embargo imposes more damage on the target country than on the country imposing the embargo. C. the target country is a colony of the imposing country and the embargo adversely affects the imposing country. D. the imposing country is a relatively smaller country than the target country in terms of trade volume.
A comprehensive tax of 15% on all forms of income with no deductions or exclusions is an example of a
A. regressive tax. B. progressive tax. C. rate tax. D. proportional tax.