An example of a U.S. export is
A) diamonds mined in Africa sold to buyers in South America.
B) a TV made in China sold to a buyer in Azerbaijan.
C) matchbooks made in Mexico sold to a buyer in New Jersey.
D) a washing machine made in Indiana sold to a buyer in France.
E) pasta made in Italy sold to buyers in Spain.
D
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The worst drought in over 50 years has decimated crops of soy beans and corn in the United States. (Source: New York Times, August 10, 2012). Because the production of corn has decreased, prices are expected to increase by 25 percent
These data are insufficient for calculating the elasticity of demand because we also need to know the A) percentage increase in income. B) percentage increase in quantity. C) percentage decrease in quantity. D) increase in bushels per acre.
A government-inhibited good is often
A) produced by the government. B) subsidized. C) taxed. D) advertised.