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| Unit price ($) | Quantity Demanded (units) | Quantity Supplied (units) |
|---|---|---|
| 7 | 8 | 20 |
| 6 | 12 | 18 |
| 5 | 16 | 16 |
| 4 | 20 | 14 |
| 3 | 24 | 12 |
Refer to the above supply and demand schedule for good X. The government sets its minimum price at $4 per unit. What would happen if the government raised the minimum price to $6 per unit?
The abolition of an effective quota on an imported good will result in
Refer to the following supply and demand schedule for good Y and answer questions 8 and 9
| Unit price ($) | 12 | 11 | 10 | 9 | 8 | 7 |
|---|---|---|---|---|---|---|
| Quantity demanded (Units) | 40 | 60 | 80 | 100 | 120 | 140 |
| Quantity supplied (units) | 280 | 240 | 200 | 160 | 120 | 80 |
If the government imposed a $3 per unit tax on Y, what would the new total sales revenue be?
Refer to the following supply and demand schedule for good Y and answer questions 8 and 9
| Unit price ($) | 12 | 11 | 10 | 9 | 8 | 7 |
|---|---|---|---|---|---|---|
| Quantity demanded (Units) | 40 | 60 | 80 | 100 | 120 | 140 |
| Quantity supplied (units) | 280 | 240 | 200 | 160 | 120 | 80 |
The ratio of the buyers' tax burden to the sellers' tax burden is
According to a news report, the use of U.S. import quota for Hong Kong garments has decreased because of keen competition from other Asian countries. This has led to some of the quota remaining unused for the first time. Which of the following diagrams correctly shows the situation of Hong Kong's garment exports in the U.S. market as described above?
If a price floor is set below the equilibrium price of good X,
Suppose the sales tax rate of a good is raised. Which of the following statement is correct?
Suppose the government has put an end to all sorts of rent control in Hong Kong. This measure would NOT
| Price ($) | Quantity demanded (units) | Quantity supplied (units) |
|---|---|---|
| 6 | 60 | 40 |
| 8 | 55 | 45 |
| 10 | 50 | 50 |
| 12 | 45 | 55 |
| 14 | 40 | 60 |
Refer to the above information about a good. What will be the consumer tax burden if a per-unit tax of $4 is imposed?
Shortage occurs when