Refer to the scenario above. Maria should choose to:
A) drive, as it will save her $120.
B) travel by train, because it is quicker.
C) drive, as it will give her a real saving of $150.
D) travel by train, as it will save her $30 in travel time.
A
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The argument that import restrictions save jobs and promote prosperity fails to recognize that:
a. there are no secondary effects of import restrictions. b. import restrictions will lower prices in the protected industries. c. import restrictions cannot create jobs in any industries. d. U.S. imports provide people in other countries with the dollars power required for the purchase of U.S. exports.
The income elasticity of demand for jewelry is 2. Other things equal, a 10% increase in consumer income will ________ the quantity of jewelry demanded by ________
A. decrease; 5%. B. increase; 5%. C. increase; 20%. D. decrease; 20%.