As several eastern states began to legalize casino gambling, the revenues of casinos in Atlantic City began to ________ and their profits ________
A) fall; decreased
B) rise; decreased
C) fall; increased
D) rise; increased
A
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Refer to Figure 7-4. Suppose the U.S. government imposes a $0.25 per pound tariff on rice imports. Figure 7-4 shows the demand and supply curves for rice and the impact of this tariff. Use the figure to answer questions a-i
a. Following the imposition of the tariff, what is the price that domestic consumers must now pay and what is the quantity purchased? b. Calculate the value of consumer surplus with the tariff in place. c. What is the quantity supplied by domestic rice growers with the tariff in place? d. Calculate the value of producer surplus received by U.S. rice growers with the tariff in place. e. What is the quantity of rice imported with the tariff in place? f. What is the amount of tariff revenue collected by the government? g. The tariff has reduced consumer surplus. Calculate the loss in consumer surplus due to the tariff. h. What portion of the consumer surplus loss is redistributed to domestic producers? To the government? i. Calculate the deadweight loss due to the tariff.
Which of the following examples, ceteris paribus, would most likely cause rightward movement of the short-run aggregate supply curve for that economy?
a. The price level in Norway increases over several years. b. Production costs increase in Mexico due to increased government regulation. c. Deflation in the United States pushes down the price level. d. Labor productivity declines in Canada after nominal wages also decline.
Advances in production technology enable society to produce
a. less goods with more resources b. more goods with current or less resources. c. the same amount of goods utilizing more resources. d. less goods with less resources.
A federal budget ________ occurs when the federal government spends more than it collects in taxes.
A. surplus B. deficit C. equilibrium D. ceiling