Tariffs can be used to redistribute income from
A) abundant factors to scarce factors.
B) consumers to domestic producers.
C) from one country to another.
D) All of the above.
D
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The figure above illustrates the gasoline market. There is no external benefit from gasoline. If a pollution tax equal to the marginal external cost is imposed on gasoline, then the quantity of gasoline produced and consumed equals
A) 0 gallons. B) 5 million gallons. C) 10 million gallons. D) 20 million gallons. E) None of the above answers is correct.
If a market is narrowly defined, a product is likely to have fewer substitutes and demand for the product will be less elastic
a. True b. False Indicate whether the statement is true or false
If the quantity of money demanded exceeds the quantity supplied, the
A. interest rate will fall. B. demand-for-money curve will shift to the right. C. interest rate will rise. D. supply-of-money curve will shift to the left.
Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that we observe Joe staying open 5 hours per day
If he is following the marginal principle, what must his marginal cost per hour be? A) $16 B) $24 C) $32 D) $40