If the demand for the finished good is elastic, the demand for the resources used to produce that good will be inelastic
Indicate whether the statement is true or false
F
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If the British pound depreciates against the U.S. dollar,
A) British businesses gain by an increase in the dollar price of exports to the United States. B) British consumers gain by a decrease in the pound price of U.S. exports to Britain. C) British consumers lose by an increase in the pound price of U.S. exports Britain. D) U.S. consumers lose by an increase in the dollar price of British exports to the United States.
The most common explanation for Social Security payments accounting for a larger share of federal government expenditures is
a. increases in life expectancy. b. people becoming eligible for Social Security benefits at an earlier age. c. increases in birth rates among teenagers and the poor. d. falling payroll tax receipts.
A trade barrier whereby foreign firms agree to limit the quantity of exports to a particular country is called a:
A) quota. B) tariff. C) nontariff barrier. D) voluntary export restriction.
One result of the agriculture price supports cited in the text is that
A) sometimes surplus food is given away. B) food shortages result in most cases. C) small farms receive most of the benefits. D) none of the above.