The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P. Suppose the economy is closed. The equilibrium price of a car is ________ and equilibrium quantity is ________.

A tariff imposed on Japanese imports into the United States tends to:

A) penalize U.S. producers and benefit Japanese producers. B) benefit U.S. producers and penalize Japanese producers. C) penalize both U.S. and Japanese producers. D) benefit both U.S. and Japanese producers.

National income differs from net national product because

a. it includes profits of corporations. b. of a statistical discrepancy. c. it includes transfer payments. d. it excludes depreciation.