In 1990 the United States imposed trade embargoes on Iraq's international trade. The negative effect on Iraq's consumer surplus would be greater the
A) less elastic Iraq's demand schedule.
B) more elastic Iraq's demand schedule.
C) greater Iraq's dependence on foreign products.
D) more inelastic Iraq's supply schedule.
E) less elastic Iraq's labor force is.
B
Economics
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Compared to the situation in which a good is legal, making the good illegal and imposing ________ results in less being sold
A) a much higher fine on sellers than on buyers B) a much higher fine on buyers than on sellers C) any fine on either the buyer or the seller D) all of the above
Economics
In the case of a specific tax, tax incidence is independent of who pays
A) only when supply and demand elasticities are not constant. B) only when the tax is collected from consumers. C) in most but not all cases. D) in all cases.
Economics