Referring to Figure 19.2, the effect of a decrease in Japanese prices is represented by a movement from point
A) d to a. B) d to c. C) c to d. D) c to b.
B
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Asset prices in an economy are likely to fall if ________
A) firms' revenues rise B) labor supply falls C) labor demand increases D) investment falls
A. Distinguish between a tariff and a quota
b. In what ways are tariffs and quotas similar? c. In what ways are tariffs and quotas different? d. Why might a foreign producer prefer a quota rather than a tariff? What will be an ideal response?
What is on the horizontal axis when we draw a total product curve?
a. total cost b. marginal cost c. quantity of output d. quantity of a variable input
If Good X has social demand that is less than market demand, then Good X must be a
A. Good suffering from the free-rider problem. B. Good with an external benefit. C. Good with an external cost. D. Public good.