Refer to the graph showing the demand for books. A movement from point E to point D is caused by:
A. an increase in the price of books from $12.00 to $16.00.
B. a decrease in the price of books from $16.00 to $12.00.
C. an increase in the price of movies.
D. an increase in consumer income.
Answer: B
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A fixed exchange rate is an exchange rate whose value:
A. is set by official government policy. B. varies according to supply and demand for the currency in the foreign exchange market. C. reflects the comparative advantage of the home country versus other foreign countries. D. is established annually by the International Monetary Fund.
Tariffs reallocate income from
A) consumers to producers. B) producers to consumers. C) government to producers. D) consumers to foreigners. E) Both A and D.
NAFTA was a controversial issue in the 2008 presidential campaign, particularly in the Democratic primaries
Indicate whether the statement is true or false
Suppose that if your income is $20,000, your tax is $4,000, but if your income is $40,000, your tax is $8,000. Such a tax is
A. Regressive. B. Proportional. C. Progressive. D. A merit tax.