Non-fed ground beef is an inferior good. In economic booms, grocery managers should:
A. increase their orders of non-fed ground beef.
B. not change their orders of non-fed ground beef.
C. reduce their orders of non-fed ground beef.
D. neither increase, reduce, nor maintain their current orders for non-fed ground beef.
Answer: C
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In the case of a small country, consumer surplus
A) decreases less with a tariff than with an equivalent quota. B) decreases less with a quota than with an equivalent tariff. C) is not changed by tariffs or quotas. D) decreases the same with tariffs and equivalent quotas. E) increases more with quotas.
In the year 2014, the real GDP of Country A was $12.3 trillion. The nominal GDP calculated in the same year was $13.53 trillion. The value of the GDP deflator for Country A in 2014 was:
a. 110. b. 105. c. 107. d. 112.
Deadweight losses arise because a tax causes some individuals to change their behavior
a. True b. False Indicate whether the statement is true or false
Along a straight-line downward-sloping demand curve, a decrease in the market price of a good:
A) will cause no change in consumer surplus. B) will increase consumer surplus. C) will decrease consumer surplus. D) may either decrease or increase consumer surplus.