According to the graph shown, if the government restricts trade, area G represents:
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price
for that good.
A. government tax revenues.
B. deadweight loss.
C. quota rents.
D. transferred surplus.
C. quota rents.
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Money functions as a(n)
A) medium of exchange. B) unit of account. C) store of value. D) all of the above.
A new discovery of large volumes of previously unknown deposits of natural gas in Pennsylvania would
A) shift only the short-run aggregate supply curve to the right. B) shift only the long-run aggregate supply curve to the right. C) not affect either the short-run or long-run aggregate supply curves. D) shift the short-run and long-run aggregate supply curves to the right.
Which of the following statements accurately describes the U.S. balance of payments in 2017?
a. The balance on goods and services was a positive value.
b. The balance of trade was a positive value.
c. The balance of services was a positive value.
d. The current account balance was a positive value.
Real estate suitable for condominium development is also suitable for single-family home development. Therefore, a rise in the price of condominiums relative to single-family homes tends to
A) increase the opportunity cost of building new single-family homes.
B) reduce the demand for condominiums.
C) increase the demand for condominiums.
D) do none of the above.