Based on Figure 6.1, suppose the government puts a tariff of $0.25 per bushel on soybean imports. How much will the tariff reduce imports?
A) Imports will decrease by 10 million bushels.
B) Imports will decrease by 20 million bushels.
C) Imports will decrease by 60 million bushels.
D) Imports will not change after the tariff.
B
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A normal good is a good for which the demanded decreases as income decreases, holding everything else constant
Indicate whether the statement is true or false
Figure 10.2 depicts a firm's marginal revenue product curve. If the wage rate is $15, how many workers will the firm demand?
A. four workers B. five workers C. six workers D. seven workers
Which set of items in the list would move an economy from a point inside its production possibilities curve to a point on its production possibilities curve?
Use the list below to answer the following question: 1. Improvements in technology. 2. Increases in the supply (stock) of capital goods. 3. Purchases of expanding output. 4. Obtaining the optimal combination of goods, each at least-cost production. 5. Increases in the quantity and quality of natural resources. 6. Increases in the quantity and quality of human resources. A. 1, 2, 5, and 6 only. B. 3 and 4 only. C. 3 only. D. 1, 3, and 4 only.
If 20 million workers are unemployed and 180 million workers are employed, then the unemployment rate is
A. 10%. B. 11.1%. C. 18%. D. 80%.