Demand and supply analysis is particularly important if
a. the success of your firm is closely linked to the profitability of your primary industry
b. the success of your firm is independent of the profitability of your primary industry
c. the success of your firm is unlikely
d. demand and supply analysis is unimportant
a
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The tax on gasoline in England is close to $3.20 per gallon, whereas the federal excise tax on gasoline in the United States is 18.4 cents per gallon. Suppose the U. S. government raised the federal excise tax to the English gas tax rate of $3.20
Explain the likely impact of that higher tax rate on conservation, oil exploration, and the development of substitutes for gasoline.
If the percentage change in the quantity demanded of a good is less than the percentage change in price, price elasticity of demand is:
A. elastic. B. inelastic. C. perfectly inelastic. D. unitary elastic.
In the IS-LM model, the impact of an increase in government purchases in the goods market has ramifications in the money market, because the increase in income causes a(n) ______ in money ______.
Fill in the blank(s) with the appropriate word(s).
A country that has had success with export-led growth policy is:
A. North Korea. B. South Korea. C. Russia. D. Liberia.