Suppose the current price of DVDs is $16, while its base-year price is $11.50 . The value of the price index for the current year is approximately:
a. 139
b. 39
c. 25
d. 160
e. 172
a
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Refer to Figure 18-2. Consider the market for U.S. Dollars against the British pound shown in the graph above. From this graph we can conclude that the dollar price of a British pound has ________ to ________ dollars per pound
A) decreased; 2.00 B) increased; 2.17 C) decreased; 0.46 D) increased; 0.50
Use Figure 9-7 to answer questions a-j
a. If there is no quota what is the domestic price of almonds and what is the quantity of almonds demanded by consumers? b. If there is no quota how many kilos of almonds would domestic producers supply and what quantity would be imported? c. If there is no quota what is the dollar value of consumer surplus? d. If there is no quota what is the dollar value of producer surplus received by producers in Bragabong? e. If there is no quota what is the revenue received by foreign producers who supply almonds to Bragabong? f. With a quota in place what is the price that consumers of Bragabong must now pay and what is the quantity demanded? g. With a quota in place what is the dollar value of consumer surplus? Are consumers better off? h. With a quota in place what is the dollar value of producer surplus received by producers in Bragabong? Are domestic producers better off? i. Calculate the revenue to foreign producers who are granted permission to sell in Bragabong after the imposition of the quota. j. Calculate the deadweight loss as a result of the quota.
An improvement in the technology for producing a good will shift the supply curve for that good to the left.
Answer the following statement true (T) or false (F)
Which of the following is a major reason for the growing income inequality in the United States since 1975?
A. Higher marginal tax rates B. Unemployment benefits C. Rising number of skilled workers D. Import competition