Refer to the graph below showing the domestic demand and supply curves for a specific product in a hypothetical nation called Econland. When the world price for this product is $0.50, Econland will:
A. Import 500 units
B. Import 100 units
C. Import 400 units
D. Export 100 units
C. Import 400 units
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The main problem with using the infant industries argument to justify protecting an industry from foreign competition is that
a. all industries will claim that they are infant industries in order to gain protection. b. the protected industry will become too efficient and drive out foreign competition. c. once in place, it is difficult to remove protection even as the industry matures. d. it causes the goods that are produced in the protected industry to have lower prices.
A firm switching from a single price to a price discrimination scheme will ________ the price for the group of consumers with a relatively elastic demand and ________ the price for the group of consumers with a relatively inelastic demand.
A. decrease; increase B. decrease; decrease C. increase; increase D. increase; decrease
The demand for money is
A) positively related to the nominal interest rate. B) positively related to the real interest rate. C) positively related to the price level. D) negatively related to real GDP. E) negatively related to the price level.
The percentage of property taxes collected by local governments is about _____
a. 15 percent b. 45 percent c. 75 percent d. 95 percent