You earn $500 a month, currently have $200 in currency, $100 in your checking account, $2,000 in your savings accounts, $3,000 worth of illiquid assets and $1,000 of debt. You have
A) money = $2,300, annual income = $6,000, and wealth = $5,000.
B) money = $300, annual income = $6,000, and wealth = $4,300.
C) money = $300, annual income = $6,000, and wealth = $5,000.
D) money = $200, annual income = $500, and wealth = $4,300.
B
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The more elastic the demand curve, the ____ will be the effect of a tax on the quantity exchanged and the ____ will be the welfare cost. a. greater; greater
b. greater; smaller. c. smaller; greater. d. smaller; smaller.
Governments choose to use voluntary export restraints (VERs) rather than tariffs because
A. voluntary export restraints do not generate any welfare loss in the importing country. B. tariffs more obviously violate the international rules of the World Trade Organization (WTO). C. the increase in the price of the imported good in the domestic market is lower in the case of a VER than a tariff. D. voluntary export restraints have the potential to generate higher revenue.