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Short-run equilibrium implies an intersection of  ___________, while long-run equilibrium implies intersection of ____________.

Suppose crude oil comprises 25% of U.S. imports from Canada, U.S. production is 500 million barrels of crude oil, U.S. consumption is 1.49 billion barrels of crude oil, and the United States only imports crude oil from Canada. If the world price is $80 per barrel and the United States imposes a 20% tariff on each barrel, what is the amount of government revenue collected in the United States if the United States imports 40% less from Canada as a result of the tariff?

What would happen in the market for SUVs if the government started to subsidize the production of SUVs that get very few miles per gallon and the price of gasoline went up?

Using the information in the table below, calculate the economic growth rate for 2011.  Date Nominal GDP(billions of current $) Inflation rate Population(millions) 2010 14,061 2% 112 2011 14, 660 3% 114 2012 14, 992 1% 117

What would happen in the market for SUVs if the government started to subsidize the production of SUVs that get very few miles per gallon and the price of gasoline went up?

When we look at tariffs and quotas,

Consider the market for widgets. Widgets can be produced in the United States or abroad. Assume that U.S. consumers wish to buy the least expensive widgets possible. However, if widgets from all countries cost the same, consumers would prefer to buy domestically. Price Quantity demanded Quantity supplieddomestically Quantity supplied by importers if trade is allowed $6 13,000 2,000 8,000 $7 12,000 4,000 8,000 $8 11,000 6,000 8,000 $9 10,000 8,000 8,000 $10 9,000 9,000 8,000 $11 8,000 10,000 8,000 If there is no international trade allowed in the market, what price would we expect?

The United States has a ________ income tax system.

In 2009, the United States imposed a tariff of 35% on radial car tire imports from China. The tariff caused imports of these tires to drop from 13 million tires to less than 6 million tires in one quarter, and the average price of these tires to increase by $8 per tire. Who was the primary loser from this tariff?

When we look at tariffs and quotas,