Which of the following tools and concepts is useful in the analysis of international trade?
a. total surplus
b. domestic supply
c. equilibrium price
d. All of the above are correct.
d
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The black market price for a legally prohibited good will be the same whether a $1,000 fine is placed on the buyer or the seller
Indicate whether the statement is true or false
The artist Pablo Picasso sketched a woman tourist and charged her a lot for just a few minutes work. By his response, this is an example of:
a. Overcharging b. Getting paid for one's life experience, expertise c. Agreement on the woman's part about "fair value" d. Material resources
An increase in the price of butter, a substitute good, would be most likely to cause
a. a rightward shift of the demand curve for margarine b. a leftward shift of the demand curve for margarine c. the quantity of margarine demanded to increase d. the quantity of margarine demanded to decrease e. a decrease in the price of margarine
Which of the following is not a cause of cost-push inflation?
A. labor cost increases. B. energy cost increases. C. raw material cost increases. D. consumer incomes increase.