If the United States placed an embargo on Swedish products, what would happen in the U.S. market for Swedish furniture?
A) The supply curve would shift to the left.
B) The supply curve would shift to the right.
C) The demand curve would shift to the right.
D) The demand curve would shift to the left.
Answer: A
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Third-degree price discrimination refers to situation in which:
A) a firm charges different prices for different blocks of output. B) a firm separates markets according to the price elasticity of demand. C) a firm is able to charge the maximum price consumers are willing to pay for each unit of output. D) a firm divides a market into thirds and charges each segment a different price.
Which of the following best represents economic growth?
A) an increase in nominal GDP B) an increase in real GDP C) an increase in the per capita nominal GDP D) an increase in the per capita real GDP