Use the figure below to answer the following question.
What is the amount of government revenue after the government imposes the excise tax on the market?
A. $16
B. $40
C. $20
D. $32
Answer: D
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If a tariff is imposed on imports of shrimp into the United States, U.S. consumer surplus from shrimp will ________ and U.S. total surplus from shrimp will ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) increase; not change
The idea that aggregate price levels do not affect real outcomes in the economy is called the:
A. neutrality of money. B. aggregate price theory. C. neutrality of prices. D. real output theory.
The average product of labor is defined as:
A. the additional output produced by the last ?L units of labor hired. B. the amount of output divided by the amount of capital used to produce the output. C. the amount of output produced multiplied by the last ?L units of labor hired. D. the amount of output divided by the number of workers employed.
Deadweight losses are associated with monopolistic competition:
a. In the short run, but not the long run b. In the long run, but not the short run c. In both the short and long run d. In neither the short run nor the long run