Refer to Figure 4-8. How much revenue does the $40-per-ton tax generate for the government?
a. $600 million
b. $700 million
c. $2.4 billion
d. $2.8 billion
c
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The baby boomer generation is just starting to retire, and waiting lists to get into nursing homes are on the rise. We could reasonably expect the demand for geriatric care to:
A. increase due to the number of buyers increasing. B. decrease due to the number of buyers increasing. C. increase due to expectations of future prices. D. decrease due to expectations of future prices.
Entry barriers exist in a perfectly competitive industry
a. True b. False Indicate whether the statement is true or false
James Anderson used to work in a reputed multi-national company. During a recession, he lost his job. After a few years, he was unable to get a job and his son was forced to forgo his college education. Mr. Anderson's unemployment resulted in _____
a. a loss of lifetime earnings b. a loss of human capital c. the deterioration of health d. a loss of social cohesion
Changing from a barter economy to a money economy can reduce transaction costs
Indicate whether the statement is true or false