The import demand curve shows the amount of the home country's:
a. surplus at various prices below the "no-trade" equilibrium.
b. shortage at various prices below the "no-trade" equilibrium.
c. equilibrium "no-trade" quantity demanded.
d. surplus at various prices above the "no-trade" equilibrium.
e. shortage at various prices above the "no-trade" equilibrium.
b
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In the figure above, originally the apartment rental market is in short-run and long-run equilibrium with a rent of $600 per month. Then the government imposes a rent ceiling of $500 per month. The deadweight loss is borne by
A) the producers only. B) the consumers only. C) all producers and some consumers. D) all consumers and some producers.
Nick consumes two goods, chips and lemonade. Located on the x-axis is the quantity of chips and on the y-axis is the quantity of lemonade. The magnitude of the slope of the budget line equals the
A) price of lemonade. B) price of chips. C) price of chips/price of lemonade. D) price of lemonade/price of chips.
The IRS receives approximately
a. 80 percent of the taxes owed b. 50 percent of the taxes owed c. 40 percent of the taxes owed d. 20 percent of the taxes owed e. 10 percent of the taxes owed
The name given to government programs implemented to prevent or shorten recessions and counteract inflation is
a. supply-side economics. b. contractionary policy. c. monetary policy. d. stabilization policy.