The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. A $1 per unit tariff has the same effect on producer and consumer surplus as a quota of

For real-world economies, the Gini coefficient lies between

a. 1 and 10 b. 0 and 100 c. 0 and 1 d. –1 and +1 e. 0 and infinity

If the demand for a good is inelastic, an increase in its price will result in a decrease in total revenue

a. True b. False Indicate whether the statement is true or false