One means of enforcing a quota is to require importers to ________.
A. pay an import tax
B. obtain a license
C. pay a sales tax
D. obtain a sales permit
Answer: B
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If the market demand for oranges is relatively inelastic with respect to price, orange consumers
A) pay no attention to price in their purchasing decisions. B) will buy fewer oranges at any higher price and will spend less money on oranges. C) will buy fewer oranges at any higher price but will spend more money on oranges. D) will buy more oranges at any higher price. E) will buy more oranges only if their incomes increase.
Which of the following transactions would impact the category of U.S.-owned assets abroad?
a. A U.S. resident purchases stock in a Dutch oil company. b. The U.S. Treasury sells bonds to Canadian investors. c. An American firm in Detroit buys oil from Saudi Arabia. d. An importer in Mexico purchases U.S. merchandise.
Using the quantity equation, the demand for money can be expressed as
A) M=(V x Y)÷P. B) M =(P x Y)÷V. C) M = (P x V) ÷ Y. D) M x V=(1/P)V x Y.
If government spending and taxes decrease by the same amount,
A) the IS curve does not shift. B) the IS curve shift leftward. C) the IS curve shifts rightward. D) the LM curve shifts downward.