Refer to the table below for a certain product's market in Econland. If the world price for this product were $6, then Econland would import:
A. 400 units and domestic producers would supply 1,400
B. 800 units and domestic producers would supply 1,400
C. 800 units and domestic producers would supply 2,200
D. 400 units and domestic producers would supply 2,200
B. 800 units and domestic producers would supply 1,400
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If the elasticity of supply is much greater than the elasticity of demand, a subsidy awarded to demanders will
a. benefit the demanders more than the suppliers b. benefit the suppliers more than the demanders c. the benefit of the subsidy will be equally shared between the demanders and the suppliers d. allow the demanders to be the only ones who will benefit e. Without more information as to the amount of the subsidy, who will benefit more can not be determined
Keynesian economics
a. affirms the classical economists' basic premise concerning competitive markets b. believes that monopolies and unions tend to be permanent fixtures in our economy and the prices they create tend to be flexible, at least downward c. emphasizes that an economy can never be in equilibrium at less than full employment d. prefers to emphasize aggregate supply over aggregate demand e. believes that unemployment results when aggregate demand is insufficient to reach a full-employment level of real GDP
Which of the following countries has experienced the worst hyperinflation since 2005?
a. Brazil b. Russia c. China d. Zimbabwe
If the average tax rate exceeds the marginal tax rate, the tax would be
A. proportional. B. regressive. C. progressive. D. uniform.