The figure above shows the U.S. demand and the U.S. supply curves of canned peaches
a. In the absence of trade, what is price of canned peaches in the United States?
b. In the absence of trade, what is the level of production in the United States?
c. If the world price of canned peaches is $1 a can and the United States engages in trade, does the United States import or export canned peaches?
d. If the world price of canned peaches is $1 a can and the United States engages in trade, what is the quantity produced in the United States and what is the quantity consumed? What is the quantity imported or exported?
e. If the world price of canned peaches is $2 a can and the United States engages in trade, does the United States import or export canned peaches?
f. If the world price of canned peaches is $2 a can and the United States engages in trade, what is the quantity produced in the United States and what is the quantity consumed? What is the quantity imported or exported?
a. In the absence of trade, the price is $1.50 per can of peaches.
b. In the absence of trade, 4 million cans are produced.
c. The United States imports canned peaches.
d. The quantity produced in the United States is 2 million cans and the quantity consumed is 6 million cans. The quantity imported is 4 million cans.
e. The United States exports canned peaches.
f. The quantity produced in the United States is 6 million cans and the quantity consumed is 2 million cans. The quantity exported is 4 million cans.
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Give at least three examples from economics where each of the following type of data can be used: cross-sectional data, time series data, and panel data
What will be an ideal response?
What is the discount rate?
a. the amount of cash banks must keep on hand at any given time b. the discount that the fed provides per $100,000 of borrowed money c. the interest rate the Fed pays on reserves stored in the federal funds market d. the interest rate charged on reserves borrowed from the Fed’s discount window
Which of the following is an example of fiscal policy?
a. a change in taxes that affects investment spending b. a change in government spending on goods and services c. a change in taxes that affects consumer spending d. all of the above
After a tax is placed on a good or service, which of the following does NOT occur?
A. The total volume of sales of the good or service increases. B. Buyers pay more for the good or service. C. Sellers receive less when they produce and sell the good or service. D. Government revenues decrease.