When the percentage change in the quantity demanded is less than the percentage change in price, then demand is
A) inelastic.
B) unit elastic.
C) elastic.
D) irrelevant.
E) undefined.
A
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A country's net welfare will increase when it imposes a tariff on a foreign monopolist if its:
a. terms-of-trade gain is greater than its increase in tariff revenues. b. terms-of-trade gain is less than its increase in tariff revenues. c. terms-of-trade gain is greater than its lost consumer surplus. d. increase in tariff revenues is greater than its lost consumer surplus.
Which of the following represents an example of a major cartel in global markets? a. The Organization of Wheat and Corn Exporting Countries (OWCEC)
b. The Organization of Petroleum Exporting Countries (OPEC). c. The Brotherhood of Scrap Iron Exporting Countries (BSIEC). d. The Amalgamated Association of Alfalfa Producing Countries (AAAPC).