The price system works in an economy on a day-to-day basis to match the desires of consumers with the output from producers
Indicate whether the statement is true or false
TRUE
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The above figures show the market for HD televisions. If people's incomes increase and HD televisions are a normal good, which figure shows the effect of this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.
Refer to the figure above, which shows domestic supply and demand. If P1 is equal to P2 (the world price) plus a tariff, then the social loss from the tariff is equal to
A) a + c B) b C) P1 ( Q3 - Q2 ) D) P2 [(Q2 - Q1 ) + (Q4 - Q3 )] E) a + b + c
Under the Graduation Act (1854), land prices for the public domain
a. were subject to a schedule that reflected reduced prices for land that remained unsettled over time. b. were subject to a schedule that reflected reduced prices for native-born Americans and higher prices for immigrants. c. were increased to $1.25 per acre in cash. d. were increased to reflect inflation.
Under the national Acid Rain Program (ARP)
a. two phases were defined that began in 1980 b. a cap-and-trade program was defined only for SO2 c. a cap-and-trade program was defined for both SO2 and NOX d. the EPA issued emission allowances that could be used or banked, but not traded