In 1990 the United States imposed trade embargoes on Iraq's international trade. The negative effect on Iraq's consumer surplus would be greater the
A) less elastic Iraq's demand schedule.
B) more elastic Iraq's demand schedule.
C) greater Iraq's dependence on foreign products.
D) more inelastic Iraq's supply schedule.
E) less elastic Iraq's labor force is.
B
You might also like to view...
Is every product produced in the United States included in U.S. gross domestic product?
What will be an ideal response?
Risk pooling:
A. reallocates the likelihood of catastrophes happening. B. reallocates the costs of catastrophes when they occur. C. diversifies the risk of catastrophes occurring. D. gathers individuals with similar risks and pools them together.
The difference between the demand curve and the supply curve is that the demand curve shows ______, whereas the supply curve shows______.
a. the lowest price suppliers are willing to accept for a good or service; the highest price consumers are willing to pay for it b. the highest prices consumers are willing to pay for a good or service; the lowest prices suppliers require to provide it c. how increasing the price of a good increases its luxury status; how long it takes to bring goods to market d. how popular an item is regardless of its price; the available stock on hand at a given point in time
Which of the following would tend to raise the value of the U.S. dollar in foreign exchange markets?
A. A rise in U.S. interest rates B. An easy monetary policy in the United States C. A contractionary fiscal policy in the United States D. An increase in the U.S. demand for foreign oil