Suppose the government wants to reduce the illegal importation of exotic animals used as pets and tries to achieve this goal by interrupting the supply of illegally imported exotic animals
If the demand for these animals is highly elastic, this government effort will result in A) a small reduction in the quantity of exotic pets demanded.
B) a large reduction in the quantity of exotic pets demanded.
C) no change in the quantity of exotic pets demanded.
D) an increase in the quantity of exotic pets demanded.
B
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What two groups of decision makers are represented in the basic circular flow model?
A) governments and financial institutions B) lenders and borrowers C) wholesalers and retailers D) bankers and regulators E) households and firms
Which of the following is a transfer payment?
a. The federal government's budget deficit b. Unemployment compensation payments c. Military spending d. Wages of government employees e. The excise tax on gasoline
Supply shows
a. the quantity offered for sale at every possible price. b. the quantity people will buy at every possible price. c. the changes in quantity. d. how price changes when people buy more.
Refer to Figure 1A.2. If this consumer rents 60 DVDs, how many movie tickets will she purchase?
A. 0 B. 5 C. 10 D. 15