The above figure shows the U.S. market for flip-flops. With international trade, the United States imports ________ flip-flops
A) 400,000
B) 0 because the United States exports flip-flops
C) 700,000
D) 300,000
E) 500,000
A
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Demand is said to be inelastic when
A. the absolute value of the price elasticity of demand exceeds 1. B. an increase in price results in a reduction in total revenue. C. a reduction in price results in an increase in total revenue. D. a reduction in price results in a decrease in total revenue.
Lisa's hourly pay increases from $8 to $10 as her performance improves. We can conclude that:
a. her marginal cost of leisure declines. b. her opportunity cost of leisure increases. c. her opportunity cost of work increases. d. her marginal cost of work declines.
A wage decrease will _________ per-unit production costs and shift the aggregate supply curve to the _______
Fill in the blank(s) with the appropriate word(s).
When the government uses a cap-and-trade approach in dealing with pollution, it
A) uses taxes in order to internalize the externalities caused by the pollution. B) imposes quantitative limits on the amount of pollution firms are allowed to generate. C) uses subsidies to encourage firms to use new technology that reduces pollution. D) distributes information to consumers and producers on how to reduce pollution.