Which of the following is NOT true about the Great Depression?
A. Lasted from 1929-1933
B. unemployment rate was 25% and GDP fell 30%
C. most severe downturn in US history
D. severe inflation
E. Stocks fell 90%
Ans: D. severe inflation
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Suppose Good A is a normal good. Which of the following will increase the demand for Good A?
A) an increase in the price of its substitutes B) a lower expected future relative price of A C) an increase in the price of its complements D) a decrease in income
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price for that good.
As shown in the graph, when a government imposes a quota, the outcome differs from that of a tariff being imposed in that area:
A. G represents quota rents instead of tax revenues. B. F and H are deadweight loss instead of transferred surplus. C. FGH is deadweight loss instead of tax revenues. D. E represents tax revenues instead of transferred surplus.