The sum of all the individual supply curves for a product is called
a. total supply.
b. market supply.
c. aggregate supply.
d. total output.
b
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The number of people who have gray hair is very high among residents living in Florida. A student concludes that living in Florida causes hair to turn gray. What is the flaw in this student's reasoning?
A) The student is drawing a false conclusion by making the mistake of omitting critical variables such as the age and gender of the residents. B) The student has failed to take into account other causes of gray hair. C) The student is using an inadequate sample size. D) The student is drawing a false conclusion; he is confusing cause and effect.
For-profit producers will produce only private goods because
A) buyers will be willing to pay for the goods since the benefits are excludable. B) all external benefits can be internalized using market prices. C) the cost of production can be easily determined. D) markets exist for private goods but not for public goods.
The Clean Air Act of 1970 has
a. been ineffective in reducing lead emissions in automobiles b. actually caused an increase in auto emissions c. been fairly successful in reducing auto emissions, especially lead d. been unsuccessful in reducing auto emissions, especially sulfur oxides e. been ineffective in reducing carbon monoxide emissions from autos
Figure 17-13
In , if the world price of a baseball is $3 and a tariff of $1 per baseball is imposed in the United States, how much tariff revenue will the United States government collect?
a.
$4,000
b.
$16,000
c.
$20,000
d.
$24,000
e.
$48,000