Product %of Change in Income $ of Change in Quantity A. +5 +5 B. _5 -5 C., 19, -5 D. -10 _10
A. Product A only
B. Product B only
C. Product D only
D. Product A and C only
E. Product B and D only
E. Product B and D only
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The imposition of tariffs will help a nation attain which of the following goals?
A) decreased domestic consumer prices B) increased domestic employment C) increased amount and variety of goods available for consumers D) increased competition between domestic and foreign producers E) gains for domestic producers
If a foreign currency is quoted in American terms (the direct quote) and the forward rate for a foreign currency is less than the spot rate, the foreign currency is selling at a ________.
A) forward premium B) backward discount C) backward premium D) forward discount
If consumption of a good is subsidized by the government, then the MU/P of that good among consumers will:
A. Decrease B. Become negative C. Increase D. Not be affected
Who bears the burden of an excise tax if demand is perfectly inelastic; if supply is perfectly inelastic? Use graphs in your explanation