The United States' most important trading partner quantitatively is:
A. China.
B. Canada.
C. Mexico.
D. Japan.
B. Canada.
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External benefits are the extra
A) benefits a consumer gets from consuming a good. B) costs a producer creates in producing a good. C) benefits that accrue to people other than the consumers. D) costs a producer bears for producing a polluting good. E) benefits a producer obtains for reducing production of a polluting good.
Refer to Figure 3-1. A decrease in the price of a substitute good would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
Suppose the price elasticity of demand for cigarettes is -0.4. The FDA decides to regulate tobacco production, which increases the price of cigarettes and causes the quantity of cigarettes demanded to decrease by 25 percent
What is the percentage increase in price which would lead to the 25 percent decrease in quantity demanded? If the price elasticity was -4, what would be the percentage increase in price?
Demand-pull inflation is most likely to occur during a period of
a. stagflation b. rising input costs c. rising unemployment d. military expansion e. corporate restructuring