The Fanjuls are:
A. a consumer advocacy group attempting to ban special interest groups.
B. free traders who propose doing away with all tariffs.
C. sugar barons who give considerable money to politicians who make decisions on sugar quotas.
D. a new political party based on the opposition to special interest politics.
Ans: C. sugar barons who give considerable money to politicians who make decisions on sugar quotas.
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Refer to the scenario above. If the equilibrium price charged by the firm in the short run is $170, the firm will earn ________
A) a profit of $10 per unit B) a profit of $25 per unit C) a profit of $0 per unit D) a profit of $30 per unit
Refer to the figure above. What is the change in total revenue due to a price increase from $3 to $5?
A) The total revenue increases by $100. B) The total revenue decreases by $100. C) The total revenue increases by $200. D) The total revenue decreases by $200.
One reason that consumers and businesses might not act rationally is
A) they may not realize their actions are inconsistent with their goals. B) they do not always value fairness when they make choices. C) it is difficult to obtain enough information about the elasticities of demand and supply. D) consumer tastes change constantly.
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10. Considering the information in the table shown, if Jack's income to spend on these two items were to increase to $16:
A. he could afford to buy 16 popsicles and 8 ice cream cones. B. he could afford to buy either 16 popsicles or 8 ice cream cones. C. he could afford to buy 8 ice cream cones and 4 popsicles. D. None of these is true.