In the figure above, with the tariff American consumers ________ million shirts per year
A) 40
B) 48
C) 32
D) 16
A
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Consider the following:
(i) Can a good have both a downward-sloping Engel curve and a downward-sloping demand curve? Why or why not? (ii) Can a good have both an upward-sloping Engel curve and an upward-sloping demand curve? Why or why not?
Refer to Table 2.3. What can be observed about the given resources?
A) Capital is fixed. B) Capital is variable. C) Capital and labor are both fixed. D) Labor is fixed.
Within the framework of the aggregate expenditures model, which of the following is true?
A. When spending on goods and services exceeds the level business decision makers anticipated, inventories will rise. B. Equilibrium will always occur at the full-employment level of output. C. A nation's imports will decline as the nation's disposable income increases. D. When spending on goods and services exceeds the level of aggregate output, inventories will fall.
Answer the following statement true (T) or false (F)
1) An increase in demand accompanied by an increase in supply will increase the equilibrium quantity, but the effect on equilibrium price will be indeterminate. 2) A government subsidy per unit of output increases supply. 3) Consumers buy more of normal goods as their incomes rise. 4) Toothpaste and toothbrushes are substitute goods.