Assume the price of a product rises from $2 to $3 and the quantity demanded of the product decreases from 600 to 400. The price elasticity of demand coefficient, using the midpoint formula, is:

Refer to the figure above. If this were a voluntary restraint agreement, the welfare costs to the importing country would be

A) $14,000. B) $18,000. C) $38,000. D) $60,000.

Monetary policy has one clear advantage over fiscal policy by virtue of its very short

A) data lag. B) data and recognition lags. C) legislative and transmissions lags. D) effectiveness lag.