In the dollar-pound market, the equilibrium price of the pound will change
a. only when there is a shift of the demand curve for pounds
b. only when there is a shift of the supply curve for pounds
c. only when there are shifts of both the supply for pounds and demand for pounds curves
d. whenever there is a shift of either the supply or demand curves for pounds
e. whenever there is movement along either the supply or the demand for pounds curves
D
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How would the elimination of a sales tax affect the market for a product that had been subject to the tax?
A) The equilibrium price for the product would fall by less than the amount of the tax. B) The reduction in government revenue from the tax would be made up by an increase in property taxes. C) The supply of the product would become more elastic. D) The demand for the product would rise and the equilibrium price would fall by the amount of the tax.
Which of the following is an assumption used in deriving a production possibilities curve?
A) Poverty always exists in society. B) The wages in an industry increase constantly. C) Prices will continue to increase. D) The amount of resources is fixed.