If a country bans the importation of a particular good, the market equilibrium is shown by the intersection of the foreign demand curve and the domestic supply curve.
Answer the following statement true (T) or false (F)
False
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On an annual basis, Americans spend about as much on health care as they do on
A) food. B) clothing. C) transportation. D) housing.
If the consumption of Good A by one person does not decrease the quantity of Good A available for another person's consumption, then the good is said to be
A) nonrival. B) rival. C) nonexcludable. D) excludable.
Which of the following is a determinant of price elasticity of demand?
a. Availability of substitute goods b. Excess capacity c. Scale of production d. Inventories e. Cost of production
If a large percentage increase in the price of a good results in a small percentage reduction in the quantity demanded of the good, demand is said to be
a. of unitary elasticity. b. relatively inelastic. c. relatively elastic. d. perfectly elastic.