A reduction in the tariff on imported steel would most likely benefit
a. workers in the steel industry
b. the domestic consumers of steel.
c. the domestic producers of steel.
d. foreign producers at the expense of domestic consumers.
b
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Recall the Application. The decrease in price of illegal drugs could be caused by either a(n) ________ in demand or a(n) ________ in supply of the drugs
A) increase; decrease B) decrease; increase C) increase; increase D) decrease; decrease
In the figure above, imposing a tax on the sellers of the product results in a division in which
A) all of the tax is paid by the buyers. B) all of the tax is paid by the sellers. C) the buyers and sellers pay the same amount. D) neither the buyers nor the sellers pay the tax.
The long-run Phillips curve is consistent with
a. a negative relationship between unemployment and the rate of expected inflation. b. the expected real wage being equal to the actual real wage. c. the actual price level being equal to the expected price level. d. no relationship between inflation and unemployment. e. all of the above except a.
If a good is inferior, then the income elasticity of demand for that good is
a. positive and greater than 1 b. negative c. positive and less than 1 d. 0 e. perfectly elastic