If a nation imposes a tariff on imports, the portion of the tax paid by citizens depends upon
a. elasticity of demand.
b. elasticity of supply.
c. how important the good is.
d. income elasticity.
e. cross elasticity of demand with domestic products.
a
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If a country must decrease current consumption to increase the amount of capital goods it produces today, then it must
A) be using resources inefficiently today, but will be more efficient in the future. B) be producing along the production possibilities frontier today and its production possibilities frontier will shift outward if it produces more capital goods. C) must be producing outside the production possibilities frontier and will continue to do so in the future. D) must not have private ownership of property and will have to follow planning authorities' decisions today and in the future.
Refer to the table below. If the price of hamburger falls from $5 to $3, then the weekly market quantity demanded will:
The table below shows the weekly demand for hamburger in a market where there are just three buyers.
A. Increase from 24 to 52
B. Decrease from 52 to 24
C. Increase from 120 to 156
D. Increase from 29 to 55