Currently, the United States has an import quota on the amount of sugar that is allowed to be imported into the United States. What would happen to the price of sugar in the United States if the import quota was removed? What would happen to U.S
consumption and U.S. production of sugar?
If the import quota is removed, the price of sugar in the United States would fall, U.S. consumption of sugar would increase, and U.S. production of sugar would decrease.
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When all markets in the economy are simultaneously in equilibrium, we say
A) markets are complete. B) markets are perfect. C) there is disequilibrium. D) there is general equilibrium.
Firm A producing one good acquires another firm B producing another good. Price elasticity of demand for Firm A's good is -1.8 and Firm's B is -1.8 . Holding other things constant and assuming both goods are complements, the acquiring firm should
a. lower prices on both goods with a larger decrease in Firm A's good b. lower prices on both goods with a larger decrease in Firm B's good c. Lower prices on both goods by the same amount d. Lower prices on both goods
____ experience lower rates of unemployment than do ____
a. High school graduates; college graduates b. College graduates; high school graduates c. Adult females; adult males d. Black males; white males
The value of any economic statistic measured in terms of actual prices that exist at the time, adjusted for inflation, is the:
a. adjusted value. b. nominal value. c. real value. d. calculated value.