The table above has the domestic supply and domestic demand schedules for a product
What is the equilibrium price with no trade? Over what range of prices will the country export the good? Over what range will it import the good? Suppose the world price is $20. What is the quantity demanded, the quantity supplied, and the amount of the good exported or imported?
The price with no trade is $12. The country will import the good at world prices below $12 and export it at world prices above $12. If the world price is $20, the quantity demanded is 160, the quantity supplied is 220, and the quantity exported is 60.
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The Williams' household uses natural gas heat, the Reynolds' use a wood stove. Whose household heating system is most efficient?
A) Without more information, the question is meaningless. B) Williams' C) Reynolds' D) It depends only on the BTU's (the amount of heat produced) per unit of heat-source input.
How might strict adherence to the Taylor rule discourage demand-pull inflation? How might demand-pull inflation occur, nonetheless?
What will be an ideal response?