Refer to Figure 10.9. Other things equal, a positive demand shock is best represented as a change in equilibrium from
A) point A to point B.
B) point A to point D.
C) point C to point B.
D) point C to point D.
A
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If a good has a tax levied on it, sellers respond to the price that excludes the tax and not the price with the tax because
A) the tax is handed over to the state directly by buyers. B) sellers do not get to keep the tax revenue. C) the demand for the good has decreased. D) the quantity supplied of the good increases. E) demanders pay none of the tax.
A tax of 20 percent per unit of imported garlic is an example of a(n)
A) specific tariff. B) ad valorem tariff. C) nominal tariff. D) effective protection tariff. E) a disadvantageous tariff
Refer to Figure 16.3 below. When the MC z line crosses the D z line, profits for the firm are
A. 0.
B. greater than 1.
C. less than 0.
D. ?.
Refer to the graphs shown, which show indifference curve analysis with the associated demand curves.
If a consumer is able to move from point B to point C, she is also able to move from point:
A. H to point I. B. E to point G. C. D to point F. D. H to point J.