Refer to the information provided in Figure 3.8 below to answer the following question(s).
Figure 3.8Refer to Figure 3.8. Assume there are only two people in the market for baseball caps: Alex and Ryan. Along the ________, at a price of $8, quantity demanded would be 7.
A. market demand curve
B. demand curve for Ryan only
C. demand curve for Alex only
D. demand curves for both Ryan and Alex
Answer: D
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For any import quota a country imposes, there exists a tariff the country could have imposed that will have the same impact on producers and consumers.
Answer the following statement true (T) or false (F)
Lipitor, a heart medication with few substitutes, should have an own-price elasticity of demand that is:
a. Relative elastic b. Relatively inelastic c. Perfectly inelastic d. Perfectly elastic
Which of the following is true about renewable natural resources?
a. They are a type of land resource such as oil, coal, and natural gas that has a fixed stock. b. They are a type of capital resource such as air filtration systems in buildings that renew and refresh polluted air from the outside. c. They are a type of land resource such as forests, range-lands, and marine fisheries that naturally regenerate and thus can tolerate a sustained harvest, but can be depleted from excessive harvest. d. They are a type of capital resource such as irrigation networks and wastewater treatment plants that utilize water.
Private sector investment is usually done through borrowing. The economic variable that influences the level of investment is the
A. inflation rate. B. per capita GDP. C. the real interest rate. D. employment rate.