15)The theory of international trade presented in Chapter 9 of the Mankiw text, shows that a...

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Economics

15)The theory of international trade presented in Chapter 9 ofthe Mankiw text, shows that a tariff can reduce efficiency byreducing domestic consumption, but increase efficiency byincreasing domestic production.
True
False
16)
Table 5-1

Income Quantity of Good X
Purchased Quantity of Good Y
Purchased
$30,000 2 20
$40,000 5 10

Refer to Table 5-1. Good Y is
an inferior good.
not related to income.
a normal good.
price inelastic.
22) all points on the production possibility frontier:
will lead to overproduction and eventually a recession.
have both full and efficient employment of all resources,including labor
are fair and equitable
have all workers with jobs, but they may be employed in thewrong job
27) In Chapter 2 of his text, N.G. Mankiw states that nearly alleconomists agree that a ceiling on rents reduces the quality andquantity of housing available.
True
False
39)
Table 7-1
BUYER WILLINGNESS TO PAY
MIKE $50.00
SANDY $30.00
JONATHAN $20.00
HALEY $10.00

Refer to Table 7-1. If the table represents thewillingness to pay of four buyers and the price of the product is$18, then their total consumer surplus is
$72.
$46.
$42.
$38.

Answer & Explanation Solved by verified expert

4.0 Ratings (535 Votes)

15 It shall be noted that tariff makes domestic industries less efficient and innovative by reducing competition Hence the statement in the question is False 16 With increase in income from 30000 to 40000 the quantity purchased of Good Y falls from 20 to 10 indicating that Good See Answer

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Income	Quantity of Good X Purchased	Quantity of Good Y Purchased
$30,000	2	20
$40,000	5	10

BUYER	WILLINGNESS TO PAY
MIKE	$50.00
SANDY	$30.00
JONATHAN	$20.00
HALEY	$10.00