If two goods, X and Y, are complements, then which of the following statements is FALSE?
A. An increase in the price of X causes the demand for Y to rise.
B. A decrease in the price of Y causes an increase in the demand for X.
C. They are consumed together.
D. When the quantity demanded of X increases, the demand for Y increases.
Answer: A
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The demand and supply of a product is given in the above table. A unit tax of $2 is imposed on the product. The equilibrium quantity for this product after the tax is imposed is equal to
A) 30 units. B) 25 units. C) 20 units. D) 15 units.
Under perfect competition, existing firms leave the market in the long run if the price falls below total fixed cost
a. True b. False Indicate whether the statement is true or false
If speculators lost confidence in foreign economies and so wanted to buy more U.S. bonds
a. the dollar would appreciate which would cause aggregate demand to shift right. b. the dollar would appreciate which would cause aggregate demand to shift left. c. the dollar would depreciate which would cause aggregate demand to shift right. d. the dollar would depreciate which would cause aggregate demand to shift left.
Figure 17-10
Refer to . Consumer surplus with the tariff is
a.
A.
b.
A + B.
c.
A + C + G.
d.
A + B + C + D +E + F.