Demand is inelastic.
Demand is elastic.
The consumer is NOT being responsive to the change in price.
Both A and C
Spain has a comparative advantage in the production of wine
China has a comparative advantage in the production of wine.
Both countries should produce a surplus of both of these products.
Both countries should put a tariff on one of these products to promote free trade between them.
Both A and D above.
Prices are the highest
Profits are the highest
Total costs are the highest
Output is the lowest
Movie stars like Tom Hanks
"superstar" professional athletes
Entertainers like Garth Brooks.
Corporate CEO's of Fortune 100 companies
The degree of concentration of any industry, using only the largest four firms.
The degree of concentration of any industry, using all the firms in the industry.
The potency of a drink consumed by the people in the lowest household income group.
The value of Italy's imports plus its exports as a percent of GDP.
None of the above
The number of substitutes available for the product
The percent of income required to purchase the product.
The amount of technology required to produce the product
Whether the product is perceived as a luxury or a necessity by the consumer
The lowest income group is actually receiving a smaller share of total national income than considered equitable
The highest income group is actually receiving a larger share of total national income than considered equitable.
Both the lowest and the highest income groups each contain 20% of the total population.
All the income groups together do not show a "reverse L" distribution of income that exists in most "Third World" countries.
All of the above
Three times the cost of a minimum food budget
Minimum biological needs.
The average income of the poorest twenty percent of the families in the populations.
The average US. welfare allowance.
Spending more on poverty aids always just increase the rate of poverty
As a percent of Federal budget expenditures, we are spending more on poverty today than in 1960.
The "War on Poverty" in the 1960s was a complete failure
In the US, people in poverty tend to remain in poverty their entire life.
Legally specifies the maximum amount of import ceilings.
Increases the supply of imported goods into the country that has established the tariff.
Is a special tax applied only to internationally traded goods, and is paid by the exporter of the goods.
Helps increase incomes in foreign countries
It is more expensive to buy some good from other countries than to produce them at home
It improves the standard of living in the country
Domestic markets are continually shrinking.
Importing more goods than exporting foods and reduces a country's balance of trade deficit
The more social and political stability
The more developed the economy
The disparity between a Lorenz curve and its 45 degree line is greater.
The disparity between a Lorenz curve and its 45 degree line is less.
Has improved since 1935, but worsened since 1972
Has worsened since 1935, but improved since 1972
Is about the same as the distribution of income in most of the less developed countries
Is better than the distribution of income in the countries of Western Europe and Japan
A few big businesses, most of which control a large share of their total industry market.
Farmers who have no control over market price.
Only the big businesses that are regulated public utility firms.
Small businesses that we deal with on a daily basis
They can produce at low output levels and make high profits
They can earn consistently high profits over the long run.
They must watch their costs carefully
They can charge high prices to consumers
A condition where the quantity demanded is equal to the quantity supplied.
Both A and C
Our exports have exceeded our imports since 1981
Our foreign trade is only about 1% of total world trade.
Our imports have exceeded our exports since 1981
Our imports and exports together are smaller than for most countries
A shift in the demand curve for the product
A "change in demand" for the product
A "change in the quantity demanded" for the product
Both A and B
Both A and C
Improve our protected industries and therefore the entire economy
Reduce incomes in countries overseas and therefore the demand for our exports
Protect a few of our inefficient industries at the expense of several other healthy individuals
Increase GDP in countries worldwide
Results whenever one of the "factors other than price" underlying the demand curve changes.
Results when the price of the product increases or decreases.
Means a shift in position of the whole demand curve.
Means a movement along a given demand curve
Both A and B
Current account of our balance of payments
Capital account of our balance of payments
Reserve account of our balance of payments
Account of our special drawing rights (SDR) in the IMF.
Lower foreign sales by US exporters
Higher employment in the whole U.S.
Higher incomes in foreign countries
A stronger national defense in the US
The prices of our imports decrease.
The prices of our exports increase
The balance of trade deficit always decreases.
Both A and B
They have been increasing since 1960
They have been decreasing since 1960
They have remained the same since 1960
They have reduced the rare of poverty overseas by one half
Will shift outward to the right as the demand for the product they are producing shifts inward to the left
Will shift outward to the right as the demand for the product they are producing shifts outward to the right
Will shift inward to the left as the demand for the product they are producing shifts outward to the right
Will remain where it is when the demand for the product they are producing shifts inward to the left.