Refer to Figure 9-3. With a quota in place, what is the quantity consumed in the domestic market?
A) 10 million pounds B) 28 million pounds C) 34 million pounds D) 40 million pounds
C
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The table above shows how the number of books Katie buys each year depends on her income
a) What kind of relationship exists between Katie's income and the number of books she purchases? b) Plot the relationship between Katie's income and the number of books she purchases in the above figure. Measure income along the vertical axis and the number of books along the horizontal axis. Be sure to label the axes. c) What is the slope of the relationship between $50,000 and $70,000 of income? d) What is the slope of the relationship between $90,000 and $110,000 of income? e) Comment on the similarity or dissimilarity of your answers to parts (c) and (d).
The unbalanced development strategy for economic development requires little government intervention
Indicate whether the statement is true or false
The federal government receives most of its revenue from personal income taxes and payroll taxes
a. True b. False Indicate whether the statement is true or false
Marginal revenue for a monopolist
A. decreases as price decreases because each unit of the good is being sold for a lower price. B. increases as output increases because demand is inelastic. C. is constant and equal to price. D. increases as price decreases because more people are willing and able to purchase the good at a lower price.