When a U.S. importer needs $22,000 to settle an invoice for 25,520 Swiss francs, the exchange rate must be:
a. 1 Swiss franc = $1.16.
b. 1 Swiss franc = $0.16.
c. 1 Swiss franc = $0.84.
d. $1 = 1.16 Swiss franc.
e. $1 = 1.84 Swiss franc.
d
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The excess burden of taxation can be minimized by _____
a. placing taxes on goods with elastic demand schedules b. placing taxes on goods with inelastic demand schedules c. placing taxes on goods with elastic supply schedules d. placing taxes on goods with inelastic supply schedule e. b and d
The rationing mechanisms that develop under binding price floors are usually efficient
a. True b. False Indicate whether the statement is true or false
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.
If the United States were to produce all of its own steel rather than importing large quantities of steel from other nations, the effect would be
A. to reduce steel prices because steel would not have to be transported as far. B. to slow the economy by drawing resources steel away from other production. C. to make steel consumers, such as auto manufacturers, better off. D. to improve the well-being of foreign steel producers.