Which of the following is likely to have the most price elastic demand?
a. lattés
b. doctor's visits
c. eggs
d. natural gas
a
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Suppose a government is considering imposing either a tariff or a quota on imported grain, and either policy will result in exactly 750 tons of grain being imported. How do these policies differ?
A. The price of grain under the quota will be higher than the price under the tariff. B. The price of grain under the tariff will be higher than the price under the quota. C. Domestic production will be higher with the quota than with the tariff. D. The quota will generate revenue for the firms that hold import licenses, while the tariff will generate revenue for the government.
A technological advance ________ potential GDP, ________ aggregate supply, and shifts the aggregate supply curve ________
A) decreases; increases; rightward B) decreases; decreases; leftward C) increases; decreases; leftward D) increases; increases; rightward E) increases; increases; leftward
The price of a pound of sirloin steak is five times the price of a pound of ground beef. You are not in consumer equilibrium unless: a. you consume five times as much ground beef as you do sirloin steak
b. you consume five times as much sirloin steak as you do ground beef. c. the total utility you derive from consuming sirloin steak is five times the total utility you derive from consuming ground beef. d. your marginal utility from the last pound of sirloin steak consumed is five times that of the last pound of ground beef consumed.
Payments of capital-gains taxes ________.
A. are not forgiven at death B. depend on whether the gains are short-term or long-term C. cannot be deferred D. are voluntary and easily avoided