If an excise tax is imposed on automobiles,
a. the demand curve will shift upward and the market price will increase
b. the supply curve will shift downward and the market price will increase
c. the supply curve will shift upward and the market price will increase
d. the equilibrium quantity supplied will increase
e. the equilibrium quantity demanded will increase
C
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Why does minimum wage affect teenagers more negatively than other age groups?
a. They are too young to be hired for minimum-wage jobs. b. They are not experienced enough to get minimum-wage jobs. c. They are choosy about the jobs they take, so they turn down minimum-wage work. d. They prefer focusing on school than work that pays a minimum wage.
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Suppose Country B's population of workers increased to 600. We can say:
A. Country B now possesses the absolute advantage in the production of both goods. B. Country B now possesses the absolute advantage in tablets only. C. Country B now has the comparative advantage in iPod production. D. Country B has no need to trade now.