The imposition of a tariff on a product is least likely to result in a(n)
A. increase in the price of the product.
B. decrease in the real incomes of workers in other industries.
C. decrease in the quantity of imports.
D. decrease in the domestic production.
Answer: D
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Refer to the scenario above. Thomas's arc elasticity of demand for wine is:
A) -0.33. B) -0.67. C) -0.25. D) -1.
Nominal GDP is defined as the:
A. Value of output in current dollars. B. Dollar value of services but not goods. C. Output produced by domestically owned factors of production regardless of where the factors are located. D. Value of output in constant prices.
A professor's students are not getting good grades because of lack of studying. A behavioral economist would say that one reason the students are not studying is that:
A. the professor is not forcing the students to study for the tests. B. they prefer to hang out with friends and watch television and therefore are making an optimal choice. C. we live in a society in which grades in college are not important. D. the cost of studying (not being with friends) would have to be paid now, whereas the benefit (better grades) comes later.
Refer to Figure 9-3. What is the area of domestic producer surplus after the imposition of a quota?
A) B + C B) B + E + I + J + M C) B D) E + I + J + M