If demand for drugs is inelastic, then changes in the supply curve through interdiction efforts will only slightly
A. lower equilibrium quantity.
B. raise equilibrium quantity.
C. raise equilibrium price.
D. lower equilibrium price.
Answer: A
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During the recession of 2001,
a. there were a number of proposals for tax increases or spending cuts to stir the economy, but they failed due to worries about their effects on the already large deficit. b. a series of tax cuts were passed, though they only occurred in late 2001. c. all the proposed tax and spending cuts were approved in order to motivate the economy and reduce the large deficit. d. the cyclical deficit increased but the structural deficit remained unchanged. e. None of the above
In the United States, a three-pound can of coffee costs about $5 . If the exchange rate is 0.8 euros per dollar and a three-pound can of coffee in Belgium costs 7 euros. What is the real exchange rate?
a. 7/4 cans of Belgian coffee per can of U.S. coffee b. 5.6/5 cans of Belgian coffee per can of U.S. coffee c. 5/5.6 cans of Belgian coffee per can of U.S. coffee d. 4/7 cans of Belgian coffee per can of U.S. coffee
LaMonique is an archaeologist. She had to meet at least 25 requirements to become certified to legally supervise a dig in her state. Bill knows a lot about archaeology, but he has not earned the certifications that LaMonique has earned, so he is unable to lead an excavation. LaMonique’s ability to get jobs that Bill cannot is due to ______.
a. illegal barriers b. legal barriers c. economies of scale d. input control
If the price of a commodity increases, all other things unchanged, you would expect the:
A) demand to decrease. B) quantity demanded to increase. C) quantity demanded to decrease. D) demand curve to shift to the left.