Use the figure below to answer the following question.
The total benefit of the third unit of X is ________.
A. 4
B. 5
C. 15
D. 11
Answer: C
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If the price of Pepsi-Cola increases from 40 cents to 50 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then, according to the midpoint formula, the value of price elasticity of demand for Pepsi-Cola is
a. -0.5 b. -0.25 c. -1 d. -3 e. -2
Direct controls are generally much more costly than emissions taxes because
a. under direct controls emissions cutbacks are usually not apportioned among the firms on the basis of their ability to reduce pollution cheaply and efficiently. b. emissions tax per unit of output is higher than the per-unit direct control program cost. c. government cannot legally levy emissions taxes that are as high. d. firms disregard emissions taxes.
Suppose that the exchange rate between the U.S. dollar and the Mexican peso starts out at $0.11 per peso. If the exchange rate then changes to $0.13 per peso, there will be a(n) __________ in the quantity demanded of dollars by Mexicans, and therefore there will be a(n) __________ in the quantity supplied of pesos to the foreign exchange market
A) decrease; decrease B) decrease; increase C) increase; decrease D) increase; increase
Gains from trade are the:
A. increase in welfare in both countries that results from specialization and trade. B. increased skills and human capital that results from specialization and trade. C. transfer of surplus by the receiving country that results from trade. D. deadweight loss by the losing country that results from trade.