Refer to Figure 9-4. Suppose the government allows imports of leather footwear into the United States. What will be the quantity of imports?
A) Q0 B) Q1 C) Q2 D) Q2 - Q0
D
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Total efficiency units of labor is:
A) obtained by multiplying the total number of workers in the economy by the average efficiency of each worker. B) obtained by dividing the total capital stock of the economy by the total number of workers. C) obtained by multiplying the total population of the economy by the average amount of capital available to each worker. D) obtained by dividing the total number of workers in the economy by the average efficiency of each worker.
A decrease in the price of driver liability insurance will ________ the ________ for new automobiles
A) decrease; demand B) increase; demand C) decrease; supply D) increase; supply E) None of the above is correct.
If the quantity of public goods produced were decided by market forces (supply and demand),
a. there would be more goods provided than would be optimal b. there would be fewer goods provided than would be optimal c. the markets would provide the optimal number of goods d. prices would be optimal, but the optimal quantity of goods would not be produced e. the firms producing the public goods would earn excess profit
If a normal good has a price elasticity of demand equal to 4, then:
a. a 1 percent increase in its price will increase quantity demanded by 4 percent. b. a 1 percent increase in its price will decrease quantity demanded by 4 percent. c. a 1 percent increase in its price will increase quantity demanded by 0.25 percent. d. a 1 percent increase in its price will decrease quantity demanded by 0.25 percent.