A consumer values a car at $525,00 . and a producer values the same car at $485,000 . If the transaction is completed at $510,000 . what amount of tax will result in unconsummated transaction?
a. A tax of $9,000
b. A tax of $14,000
c. A tax of $15,000
d. A tax of $18,000
d
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An increase in the price of Heinz ketchup is likely to cause:
A. an increase in the demand for Hunt's ketchup, due to a change in preferences. B. an increase in the demand for Hunt's ketchup, due to a change in the price of a substitute good. C. a decrease in the demand for Hunt's ketchup, due to a change in preferences. D. an increase in the demand for Hunt's ketchup, due to a change in the price of a complementary good.
An industrious franchisee will
a. Always be outbid by lazy ones for the right to run a franchised restaurant b. Always outbid the lazy ones for the right to run a franchised restaurant c. Never outbid the lazy ones for the right to run a franchised restaurant d. None of the above
Long-run aggregate supply corresponds to the level of potential output.
a. true b. false
If a country's exchange rate appreciates, the world price level:
A. rises. B. could rise or fall. C. falls. D. remains unchanged.