Nigeria would be classified by the International Monetary Fund as
A) a resource-based economy.
B) an emerging market economy.
C) a transition economy.
D) a developing economy.
E) an advanced economy.
D
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Refer to Figure 7-4. Suppose the U.S. government imposes a $0.25 per pound tariff on rice imports. Figure 7-4 shows the demand and supply curves for rice and the impact of this tariff. Use the figure to answer questions a-i
a. Following the imposition of the tariff, what is the price that domestic consumers must now pay and what is the quantity purchased? b. Calculate the value of consumer surplus with the tariff in place. c. What is the quantity supplied by domestic rice growers with the tariff in place? d. Calculate the value of producer surplus received by U.S. rice growers with the tariff in place. e. What is the quantity of rice imported with the tariff in place? f. What is the amount of tariff revenue collected by the government? g. The tariff has reduced consumer surplus. Calculate the loss in consumer surplus due to the tariff. h. What portion of the consumer surplus loss is redistributed to domestic producers? To the government? i. Calculate the deadweight loss due to the tariff.
When the Fed buys government bonds on the open market,
A. the market rate of interest on government bonds are lowered AND the market rate of interest on corporate bonds are lowered. B. the market rate of interest on corporate bonds are increased. C. government yields drop but corporate yields rise. D. government and corporate yields rise.
If Marginal Cost (MC) is higher than Average Cost (AC), average cost is
a. falling b. rising c. constant d. none of the above
By comparing the world price of pecans to India's domestic price of pecans, we can determine whether India
a. will export pecans (assuming trade is allowed). b. will import pecans (assuming trade is allowed). c. has a comparative advantage in producing pecans. d. All of the above are correct.