Which of the following situations will arise in the domestic market following the imposition of an import ban?
A) imports decrease, domestic production increases, prices increase
B) imports increase, domestic production increases, prices increase
C) imports increase, domestic production decreases, prices decrease
D) imports decrease, domestic production increases, prices decrease
A
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In modern microeconomic theory, utility functions summarize:
A. cardinal information about preferences. B. ordinal information about preferences. C. absolute information about preferences. D. both cardinal and ordinal information about preferences.
According to Angus Madison, a leading authority in the area, world per capita GDP
What will be an ideal response?
What does the demand curve for a product reflect?
a) the quantity consumers are able to purchase b) the value of the product to consumers c) the cost of the product to consumers d) the price the product will sell for in the market
One way to make consumers take a positive externality into account in their demand decision is to:
A. place a tax on the item. B. tax the producers of the item. C. subsidize the purchase of the item. D. None of these statements is true.