Refer to the information provided in Figure 3.14 below to answer the question(s) that follow.
Figure 3.14Refer to Figure 3.14. The market for sunglasses is in equilibrium at a price of ________ and a quantity of ________ sunglasses.
A. $90; 300
B. $60; 450
C. $30; 300
D. $30; 600
Answer: B
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A possible reason a nation might impose a protectionist policy such as a tariff is to
A) encourage specialization in the good in which the nation has a comparative advantage. B) protect an infant industry from foreign competitors. C) increase the level of imports. D) slow domestic production.
Suppose that consumers' preferences are well behaved in that properties 4-1 to 4-4 are satisfied. Furthermore, assume that both X and Y are normal goods and that the price of good Y increases. Then, which of the following effects is known with certainty?
A. The income and substitution effects will reinforce one another, leading to an overall increase in the consumption of good Y. B. There will be an indeterminate effect on the consumption of good X. C. The income and substitution effects reinforce one another, leading to an overall decrease in the consumption of good X. D. The income and substitution effects reinforce one another, leading to an overall increase in the consumption of good X.
Average fixed cost is found by dividing ________ by output; as output rises, average fixed cost ___________.
Fill in the blank(s) with the appropriate word(s).
What is the difference between the investment demand curve and the investment schedule for the economy?
What will be an ideal response?