Would you expect a tax on cigarettes to be more effective at discouraging consumption over the long run or the short run?
A. Short run because demand becomes more elastic over time
B. Long run because demand becomes less elastic over time
C. Short run because demand becomes less elastic over time
D. Long run because demand becomes more elastic over time
Answer: D
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Exports are products produced in the home country and sold in another country
Indicate whether the statement is true or false
The adult population of a country is 200 million. Of this population, 120 million are employed and 20 million are unemployed. The labor-force participation rate in this country is _____
a. 50% b. 30% c. 70% d. 35%
With time, an appreciation in the value of the nation's currency in the foreign exchange market would cause
a. the nation's imports to increase and exports to decline. b. the nation's exports to increase and imports to decline. c. both imports and exports to decline. d. both imports and exports to rise.
Between 1968 and 2008 the poorest 60% of the population experienced a _______ in its percentage share of the nation's wealth.
A. substantial decrease B. small decrease C. small increase D. substantial increase