Prices that adjust slowly are
A) auction prices. B) custom prices. C) flexible prices. D) heavy prices.
B
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Use the following competitive market diagram for product Z to answer the question below.
Assume that the current market demand and supply curves for Z are D1 and S1. If there are substantial external benefits associated with the production of Z, then
A. an output smaller than G would improve resource allocation. B. an output greater than G would result in a more efficient allocation of resources. C. efficient resource allocation occurs at output G and price B because the market mechanism does not measure all benefits. D. the government should levy a per-unit excise tax on Z to shift the demand curve to the left.
Suppose real disposable income increases by $1,000. Given this information, we know that
A) consumption will generally increase by more than $1,000. B) saving will generally increase by exactly $1,000. C) consumption will generally increase by exactly $1,000. D) consumption will generally increase by less than $1,000.
Refer to above figure in which negative externality existed. The government imposes a $1.00 pollution tax on the producer. Supply shifts leftward
A) This tax will be shifted entirely to the consumer. B) This tax will be borne entirely by the producer. C) The amount of the tax shifted to the consumer depends on the consumer's reaction. D) The tax will be divided into equal amounts between consumer and producer.
Few nations belong to both the World Trade Organization and regional trading agreements.
Select whether the statement is true or false. A. True B. False