The above figure shows the market for blouses. The government decides to impose the sales tax on sellers, as shown in the figure. How much producer surplus is lost?
A) $10,000
B) $20,000
C) $25,000
D) $40,000
C
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The table above shows some of the costs for a perfectly competitive firm. If the price is $160 per unit, how many units of output will the firm produce?
A) 8 B) 9 C) 10 D) more than 10
Why are checks and credit cards not money?
What will be an ideal response?
Federal spending on elementary and secondary education rose from $39.7 billion to $40 billion in 2007. Inflation at the time was 2.5%. Explain what happened to real spending on education in 2007.
What will be an ideal response?
An externality is
A. a problem intrinsic to public goods: The good or service is so costly that its provision generally does not depend on whether or not any single person pays. B. the amount a consumer pays to consume an additional amount of a particular good. C. the total cost to society of producing an additional unit of a good or service. D. a cost or benefit resulting from some activity or transaction that is imposed or bestowed on parties outside the activity or transaction.