Recall the Application about the decrease in taxes on cigarettes in several Canadian provinces in 1994 to answer the following question(s). According to this Application, after the government deceased cigarette taxes in several Canadian provinces in 1994, the decrease in the price of cigarettes in these provinces:
A. more than doubled the smoking rate.
B. created no noticeable change in the smoking rate.
C. increased the smoking rate by roughly 17 percent.
D. was accompanied by a slight decrease in the rate of smoking.
Answer: C
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From 1970 to 2006, the largest percentage increase in average real income for households in the United States occurred in which quintile?
A) the bottom quintile B) the second quintile C) the middle quintile D) the top quintile
In a barter system, we would see
A) many different units of money. B) money and goods exchanged for each other. C) wide-spread depository institutions. D) goods traded directly for other goods and services.
Which of the following factors are least likely to affect what countries end up trading in the international market?
a. International trade tariffs b. Government debt levels c. Comparative advantages d. Differences in tastes e. Different technological needs
Exhibit 7-12 Marginal revenue and cost per unit curves
?
If price is equal to OD for the firm shown in Exhibit 7-12, total profit is maximized when:
A. output is X. B. output is Y. C. output is Z. D. output is greater than Z.