After the U.S. introduces of a tariff in the market for phones, the price of phones in the U.S. will
a. decrease
b. increase
c. remain the same
d. change in an indeterminate manner
b
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Suppose that one can read a graph that shows information about price and quantity of some product. Relying solely on the graph, is it possible to explain the relationship between the two variables?
What will be an ideal response?
Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the smallest real GDP per capita?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. Country B B. Country D C. Country A D. Country E
Answer the following statements true (T) or false (F)
1. A free good may eventually become an economic good. 2. Payment for the use of capital is made in the form of rent. 3. The study of economics would be less complicated if differences in subjective judgments did not exist. 4. Equilibrium is a position of stability or rest.
The figure below shows a single consumer's demand for ice cream at the student union. 
An increase in the number of students on this campus would cause:
A. the market demand curve for ice cream from the student union to shift to the right. B. the demand curve shown above to shift to the right. C. the demand curve shown above to shift to the left. D. no change in the market demand curve for ice cream from the student union.