According to the graph shown, if this economy were to open to free trade, the domestic quantity demanded would be:
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. 250.
B. 500.
C. 1150.
D. 1500
D. 1500
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Answer the following statement(s) true (T) or false (F)
1. A firm seeks to product at a point where an isocost is tangent to a isoquant. 2. Cost minimization requires that the marginal product of labor equal the marginal product of capital. 3. A point on the firm's expansion path both minimizes the cost of producing a given output level and maximizes the output obtained for a given expenditure level. 4. All points on the expansion path have the same marginal rate of technical substitution. 5. In the long run there is no distinction between average cost and average variable cost.
State colleges are an example of
A) income maintenance programs. B) Social Security. C) welfare programs. D) subsidized services.
A sizable appreciation of the U.S. dollar in the mid-1980s
A. raised U.S. exports and imports. B. raised U.S. exports and reduced imports. C. reduced U.S. exports and imports. D. reduced U.S. exports and raised imports.
Beginning from a position of long-run equilibrium at the full-employment level of real GDP, the economy's short-run response to an increase in the aggregate demand curve would be:
A. a movement upward along the short-run aggregate supply curve. B. a movement upward along the long-run aggregate supply curve. C. a downward shift in the short-run aggregate supply curve. D. a shift in both the aggregate demand curve and the short-run aggregate supply curve with a movement along the long-run aggregate supply curve.