The above figure shows the U.S. market for replacement cell phone batteries. Area C is the
A) deadweight loss from tariff.
B) decrease in consumer surplus due to the tariff.
C) increase in producer surplus due to the tariff.
D) tariff revenue.
E) loss in total surplus because of the tariff.
D
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All economic questions and problems arise from
A) turmoil in the stock market. B) the difference between self-interest and social interest. C) the fact that society has more than it needs. D) a society's wants exceeding what its scarce resources can produce. E) the unequal distribution of income.
Many countries use a proportional-representation system, which means that:
A. if a party gains a certain percentage of the popular vote, then they are awarded the same percentage of representative seats in the government. B. smaller parties can carve out niches and still have political influence. C. everyone's preference gets represented proportionately with everyone else's. D. All of these are true.
Suppose a long stretch of beach with many possible public and private entrances is such that it is impossible to control access and, as a result, gets very crowded on summer days. Which recognized characteristic of goods holds
A. morality. B. exclusivity. C. rivalry. D. lucidity.
Which of the following are contractionary fiscal policies?
A. Decreased taxation and no change in government spending B. Increased taxation and increased government spending C. No change in taxation and increased government spending D. Increased taxation and decreased government spending