The price elasticity of demand for any good must be less than or equal to zero unless
a. the good is a necessity.
b. the good is a luxury.
c. the good is a Giffen good.
c
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Which of the following is an implicit cost of migration?
A. The cost of traveling to a new country B. Having to adapt to a new culture C. Paying application fees D. Payment to an expediter
If an import-competing firm is imperfectly competitive, then under free trade an export tariff will ________ domestic market price, ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic
national welfare. A) increase; have no effect on; decrease; increase; decrease B) decrease; decrease; increase; decrease; have no effect on C) increase; have no effect on; increase; decrease; increase D) decrease; increase; decrease; increase; decrease E) have no effect on; have no effect on; decrease; increase; decrease
Roundabout trade decreases production
a. True b. False Indicate whether the statement is true or false
Which of the following statements is FALSE?
A. consumption = saving - disposable income B. consumption + saving = disposable income C. saving = disposable income - consumption D. disposable income - saving = consumption