Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. Assume that initially there is free trade. Tariff revenue of $50 million per day will be generated if the United States imposes a ________ tariff per barrel on imported oil.
A. $25
B. $50
C. $100
D. $150
Answer: A
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Central Grocery in New Orleans is famous for its muffaletta, a large round sandwich filled with deli meats and topped with a tangy olive salad. Suppose the following table represents cost and revenue data for Central Grocery
Fill in the columns for TR, MR, MC, ATC, and profit. If Central Grocery wants to maximize profits, what price should it charge for a muffaletta, what quantity should it sell, and what will be the amount of its total profit? Muffalettas Sold per Day Price (P) Total Revenue (TR) Marginal Revenue (MR) Total Cost (TC) Marginal Cost (MC) Average Total Cost (ATC) Profit 0 $15 $12 1 14 18 2 13 20 3 12 21 4 11 23 5 10 26 6 9 30 7 8 35 8 7 42 9 6 52 10 5 78
Economic goods are items that
A) are used only by economists. B) provide satisfaction to users. C) cannot be sold at any price in the market. D) individuals would pay to get rid off.
The state government requires all persons to pay 5% of their incomes in income tax.This is an example of:
a. The benefits principle b. a proportional tax c. a regressive tax d. a progressive tax
Exhibit 5-1 Demand curve
?
In Exhibit 5-1, between points b and c, the price elasticity of demand measures
A. 0.425. B. 1.571. C. 0.143 D. 0.636.