Ad valorem tariffs are collected as
A) fixed amounts of money per unit traded.
B) a percentage of the price of the product.
C) a percentage of the quantity of imports.
D) All of the above.
B
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Mary has decided that the she does not like Iowa and has decided to quit her job as a medical technician and move to Arizona. Mary's unemployment as she searches for a new job is best classified as
A) traveling. B) structural. C) frictional. D) distance. E) cyclical.
Answer the following statement true (T) or false (F)
1) If the coefficient of cross elasticity of demand is positive, the two products are complementary goods. 2) An income elasticity coefficient of -1.8 means the product is a normal good. 3) A cross elasticity of demand coefficient of +2.5 indicates that the two products are substitutes. 4) We would expect the coefficient of cross elasticity of demand for DVD players and DVDs to be positive.