At any given amount of income, an increase in consumption will result in a. A rise in total demand b. A boost in exports c. Decrease in tax revenue d. A reduction in the amount of money spent on imports
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At any given amount of income, an increase in consumption will result in
a. A rise in total demand
b. A boost in exports
c. Decrease in tax revenue
d. A reduction in the amount of money spent on imports
Step by step
Solved in 3 steps
- Concept of demand for domestic good and domestic demand for a good the same?1. Explain the difference between (1) the demand for domestic goods and (2) the domestic demand for goods.Quantity of imports 200 Foreign currency price of imports 20 Exchange rate (d/f) 1.50 Future Exchange rate (d/f) 1.20 a) What is the foreign currency value of imports if the elasticity of demand is 0.5? b) What is the domestic currency value of imports if the elasticity of demand is -0.5? c) What is the foreign currency value of imports if the elasticity of demand is 2.5?
- Egypt exports of soaps, lubricants, and waxes, to Kenya was US$22.63 Million during 2019, according to the United Nations COMTRADE database on international trade. Egypt exports of soaps witnessed a steady decline since 2017, and there is lots of potential demand in many other african nations for Egyptians soap.Last March 2020 the Ministry of Industry and Trade decided to exclude soap bars, shampoo, and tissue paper in the form of jumbo rolls "production requirements" from Resolution 187 of 2020 to stop the export of masks and protective supplies.Minister of Trade and Industry Nevein Gamea issued two decisions to stop exporting all of the surgical masks ("face masks") and the requirements to prevent infection and alcohol of all kinds and derivatives, for a period of 3 months starting from the date of publishing the decisions in the Egyptian Gazette.H.E. Mrs. Gamea said that these two decisions aim to provide the needs of the Egyptian citizen with these products, especially in light of…A decrease in the cost of petrol used to transport LED television sets from a harbour to Gauteng, is most likely to:A. decrease the demand for LED television sets in Gauteng.B. increase the supply of LED television sets in Gauteng.C. decrease the equilibrium quantity of LED television sets traded in Gauteng.D. decrease the quantity of LED television sets demanded in Mpumalanga.E. decrease the supply of LED television sets in Gauteng.Is PRICE (Dollars per pound) North South APPLES (Thousands of pounds per year) (?) In the North, if the price goes up by $0.20 per pound, then the quantity supplied in the North goes up by 100 pounds per year. If the price of apples goes up by $0.20 in the South, what will happen to the quantity supplied? The quantity will increase by 100 pounds per year. The quantity will increase by 50 pounds per year. There is not enough information given to determine the supply change in the South. The quantity will decrease by 100 pounds per year.
- Discuss the price elasticity of demand and the price elasticity of supply of goods that have low value but are limited in supply. Discuss why the reduction in world price of such commodities can be considered harmful to an economy that exports such commodities.Purchase of tables and chairs by a restaurant is ___________ expenditureSuppose that imports decreases by 10 and the other components remain. Will the level of saving and consumption change as the economy adjusts to this change in imports? Explain.
- BTU, draw a diagram to illustrate how the develop- c. As a percent of total exports, rank the states in orda b. Calculate the growth in exports from 2002 to 2012 156 I PART 2 SUPPLY AND DEMAND C. Assuming natural gas prices in Europe are $6.00 per BTU, draw a diagram to illustrate how the develop- ment of a natural gas terminal in the United States will affect supply and demand in the natural gas market for Europe. Explain your findings. d. How will the exporting of natural gas from the United States to Europe affect consumers and pro0- ducers in both places? Note that most of the natural gas in Europe originates from Russia's state-owned natural gas company, Gazprom. Access the Discovering Data exercise for Chapter 5 online to answer the following 3. questions. a. Rank the states in order of exports to China. Rank in order of most to fewest exports. for each state. of most to least exports to ChinoIn an effort to encourage economic growth, the United States government has cut 2. corporate income taxes by 20%. How will this affect firms' ability to supply their products? Show the shift in supply and name the determinant.Both the United States and global economies are booming. Will U.S. imports and/or exports increase?
