Refer to the figure above. What is the total surplus before Barylia opens up to free trade?
A) $250
B) $325
C) $800
D) $1,125
C
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In the figure above, the marginal cost of producing a computer
A) increases as more computers are produced. B) stays the same as more computers are produced. C) decreases as more computers are produced. D) is the same as the marginal cost of producing a television set.
In the figure above, the second poorest fifth of all households receive what share of all income?
A) 10 percent B) 20 percent C) 30 percent D) 40 percent
Price elasticity of demand is defined as
A. slope divided by price. B. percentage change in price divided by percentage change in quantity demanded. C. percentage change in quantity demanded divided by percentage change in price. D. the inverse of the price elasticity of supply.
The U.S. imports Japanese cars with a domestic price of 5,000,000 yen and the yen/dollar exchange rate is 120 on January 1, 2003. On January 1, 2004 the yen/dollar exchange rate is 125
What is the dollar price of the cars on January 1, 2003? What is the dollar price of the cars on January 1, 2004?