Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. What will the market price be?
A) > $24 B) $24 C) $30 D) $54
B
You might also like to view...
The federal government collects taxes on
A. real capital gains. B. nominal capital gains. C. real capital losses. D. nominal capital losses.
Property rights are social facts because
A) they are created and enforced by government. B) they are widely distributed throughout society. C) they depend upon other people's acceptance of corresponding obligations. D) they must be held in common to be effective.
Stephanie has decided to eat lunch between classes. She has ranked her choices, from highest to lowest as, (1 ) turkey sandwich, (2 ) tuna sandwich, (3 ) slice of cheese pizza, (4 ) cheeseburger
The opportunity cost of the eating turkey sandwich is A) the combined value of the tuna sandwich, slice of cheese pizza and cheeseburger. B) the value of tuna sandwich, the next best choice. C) the value of the cheeseburger. D) zero since she has satisfied a want.
Which of the following descriptions best depicts the substitution effect?
a. the change in consumption resulting from a change in the consumer's income, holding the prices of the goods constant b. the change in consumption resulting from a change in the consumer's income, holding the consumer's level of satisfaction constant c. the change in consumption resulting from a change in the price of one good, holding the consumer's level of satisfaction constant d. the change in consumption resulting from a change in the price of one good, allowing the consumer's level of satisfaction to change