Both tariffs and quotas result in fewer imports being sold in a country
Indicate whether the statement is true or false
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The difference between consumption and capital goods is that
A) only big corporations can afford capital goods. B) capital goods are used to produce additional goods while consumption goods are not. C) capital goods are provided by the government. D) consumption goods can be enjoyed by many people at the same time. E) it is illegal to export capital goods.
Equilibrium price
What will be an ideal response?
When economists say that the demand for labor is a derived demand, they mean that it is:
A. dependent on government expenditures for public goods and services. B. related to the demand for the product or service labor is producing. C. based on the desire of businesses to exploit labor by paying below equilibrium wage rates. D. based on the assumption that workers are trying to maximize their money incomes.
What does a perfectly elastic demand curve look like? A perfectly inelastic demand curve? Explain
What will be an ideal response?