Since the 1930s, average U.S. tariff rates on imports have
a. risen dramatically
b. risen slowly
c. declined dramatically
d. declined slowly
e. remained about the same
C
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In the circular flow model, households
A) spend earnings from resource sales on goods and services in the product market. B) and firms spend earnings from resource sales on goods and services in the factor market. C) sell goods and services in the input market. D) hire resources sold by firms in the factor market.
How does a firm that is losing money in the short run decide whether to shut down or continue to produce to minimize its losses?
What will be an ideal response?
If Allison's marginal utility of her 100th dollar of income is greater than Brad's marginal utility of his 10th dollar, then we can conclude:
a. money means more to Allison. b. money means more to Brad. c. Brad is richer than Allison. d. Allison is richer than Brad. e. nothing, since we can't make interpersonal utility comparisons.
Refer to the accompanying figure. At the equilibrium price, total consumer surplus in this market is: 
A. $12,000 per day. B. $8,000 per day. C. $4,000 per day. D. $24,000 per day.