An early frost in the vineyards of Napa Valley would cause ()
A. an increase in the demand for wine, increasing price.
B. an increase in the supply of wine, decreasing price.
C. a decrease in the demand for wine, decreasing price.
D. a decrease in the supply of wine, increasing price.
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On a downward-sloping linear demand curve, total revenue would be at a maximum at the ()
A. midpoint of the demand curve.
B. lower end of the demand curve.
C. upper end of the demand curve.
D. It is impossible to tell without knowing prices and quantities demanded.
Last year, Joan bought 50 pounds of hamburger when the household income was $40,000. This year, the household income was only $30,000 and Joan bought 60 pounds of hamburger. All else constant Joan’s income elasticity of demand for hamburger is ()
A. positive, so Joan considers hamburger to be an inferior good.
B. positive, so Joan considers hamburger to be a normal good and a necessity.
C. negative, so Joan considers hamburger to be an inferior good.
D. negative, so Joan considers hamburger to be a normal good.
The burden of a luxury tax falls ()
A. more on the rich than on the middle class.
B. more on the poor than on the middle class.
C. more on the middle class than on the rich.
D. equally on the rich, the middle class, and the poor.
The major difference between tariffs and import quotas is that ()
A. tariffs create deadweight losses, but import quotas do not.
B. tariffs help domestic consumers, and import quotas help domestic producers.
C. tariffs raise revenue for the government, but import quotas create a surplus for import license holders.
D. All of the above are correct.
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