The IMF uses the quota system to determine how much a country may borrow from the Fund.
a. true
b. false
a. true
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The percentage change in one's real income can be approximated by the percentage change in
A. price level minus the percentage change in nominal income. B. nominal income minus the percentage change in the price level. C. nominal income divided by the percentage change in price level. D. price level divided by the percentage change in nominal income.
How is a tariff different from a quota?
a. A tariff sets a limit on the quantity of a good that may be imported, while a quota is a tax on an import. b. A tariff and a quota are different words for the same thing. c. A tariff is a tax on an import, while a quota set a limit on the quantity of a good that may be imported. d. None of the above are correct.
It is impossible to create a free market system that promotes economic efficiency
Indicate whether the statement is true or false
If the income elasticity of demand for lard is -3.00, this means that:
A. lard is a substitute for butter. B. lard is a normal good. C. lard is an inferior good. D. more lard will be purchased when its price falls.