Refer to above figure. With a specific tariff of $3 per unit, what is the quantity of Widgets imported?
What will be an ideal response?
40
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Show graphically the effect of technological advance on the price of music downloads. In a separate graph, show what happens to the price of CDs as a secondary effect of the new download technology.
What will be an ideal response?
Suppose voter preferences over a public good funded through a proportional income tax are single peaked. If everyone has the same tastes and the public good is a normal good, then ideal points for higher income individuals will lie to the right of ideal points of lower income individuals.
Answer the following statement true (T) or false (F)
The poverty rate is an absolute level of income set by the federal government for each family size. A family with income below this rate is deemed to be in poverty
a. True b. False Indicate whether the statement is true or false
Refer to the graph above. Suppose that its shows the S and D graphs in a market where usage of the product generates a lot of external benefits. In this case, the government should use its coercive power to make:
A. The supply curve shift to the left
B. The supply curve shift to the right
C. The demand curve shift to the left
D. The demand curve shift to the right