Refer to Figure 9-4. 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
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The slope of the consumption function equals the
a. price elasticity of demand. b. marginal propensity to consume. c. marginal rate of investment. d. marginal propensity to save.
One of the keys to reducing poverty is
A. Increased population growth. B. The redistribution of existing incomes. C. Increased economic growth. D. Government control of resources.
Refer to Table 3.1 to answer the following questionTable 3.1 Individual Demand and Supply SchedulesQuantity Demanded byPriceAlejandroBenCarlMarket$8.00842________6.001244________4.002046________2.002246________Quantity Supplied byPriceAveryBrandonCassandra $8.006046________$6.004244________$4.002442________$2.00640________In Table 3.1, if the price is $4, the market will
A. Experience a surplus of 56 units. B. Experience a shortage of 22 units. C. Experience a surplus of 30 units. D. Be in equilibrium.
A cafeteria is willing to produce 100 bottles of soda when the price is $1 and 150 bottles of soda when the price is $1.30, other things being equal. The price elasticity of supply of soda is
A) 1.53. B) 0.67. C) 0.10. D) 0.50.