The above figure shows the U.S. market for replacement cell phone batteries. With free trade, the United States imports ________ batteries and once the tariff illustrated in the figure is imposed, the United States imports ________ batteries

If the quantity of wood purchased decreases when the price of wood rises, a graph representing these variables would have

A) time on the vertical axis. B) the slope on the vertical axis. C) a negative slope. D) a positive slope.

Enforcing property rights in an economy will

A) decrease the level of foreign portfolio investment. B) raise the level of investment. C) cause the market system to work less efficiently. D) encourage corruption and expand the underground economy.