Refer to Figure 7-2. With the tariff in place, the United States consumes
A) 18 million pounds of coffee. B) 20 million pounds of coffee.
C) 26 million pounds of coffee. D) 38 million pounds of coffee.
D
You might also like to view...
One example of a microeconomic question is, "How will prices in the clothing industry change if the government bans imports from China?"
Indicate whether the statement is true or false
If the Fed engages in quantitative easing, it has likely
A) started paying interest on required reserves. B) increased the federal funds rate by selling private securities. C) increased the discount rate to prevent inflation. D) decreased the discount rate by selling its own securities. E) decreased the federal funds rate to almost zero by buying large sums of securities.
The above table shows production combinations on a country's production possibilities frontier. What is the opportunity cost of increasing the production of X from 0 to 3 units?
A) 40 units of good Y per unit of good X B) 3 units of good Y per unit of good X C) 4/3 units of good Y per unit of good X D) 0 units of good Y per unit of good X
The figure below shows a single consumer's demand for ice cream at the student union. 
If there are 1,000 students on campus during a regular semester, and each student's weekly demand for ice cream is shown above, then when the student union charges $3.00 per scoop, those 1,000 students purchase a total of ________ scoops per week.
A. 1,000 B. 400 C. 4,000 D. 2,000