Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. What will be the domestic quantity supplied?
A) Q0 B) Q1 C) Q2 D) Q2 - Q0
A
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If goods are not rationed according to price, if follows that
A) they won't get rationed at all. B) some non-price rationing device will be used to ration the goods. C) first-come-first-served will necessarily be the rationing device used in the market. D) there will be surpluses in the market. E) none of the above
The demand curve for a good
a. is determined primarily by the cost of producing the good. b. indicates the relationship between the price of the good and the price of other goods. c. illustrates the quantity producers will provide at alternative prices. d. indicates the quantities of the good that people are willing to purchase at various prices.
If women are not allowed to vote or inherit wealth but men are, this is an example of
A. A gender trap. B. An inequality trap. C. The liquidity trap. D. The disadvantaged trap.
Which of the following statements is true?
A. The average farm has gone from 500 acres in the 19th century to 100 acres today. B. The Freedom to Farm Act of 1996 ended government payments to farmers. C. Despite hundreds of billions of dollars on farm price-support payments since World War II, the family farm is vanishing. D. About 20 million people live on farms today.