Refer to the table below for a certain product's market in Econland. If the world price of the product were $6 and a tariff of $1 per unit were applied to imports of the product, then the total revenue (after tariff) going to domestic producers would be:
A. $11,200, and the total revenue (after tariff) going to foreign producers would be $2,800
B. $11,200, and the total revenue (after tariff) going to foreign producers would be $2,400
C. $8,400, and the total revenue (after tariff) going to foreign producers would be $2,800
D. $13,200, and the total revenue (after tariff) going to foreign producers would be $2,400
B. $11,200, and the total revenue (after tariff) going to foreign producers would be $2,400
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a. 16th b. 17th c. 18th d. 20th
If a monopoly firm sells to competitive distributors, all of the following are true regarding the demand for the monopoly's product except which one?
A) It is the wholesale demand. B) It is a derived demand. C) It is the consumers' market demand. D) It is the distributors' demand.
Which of the following would most likely cause the supply of wheat to increase?
What will be an ideal response?
Economic freedom is
A. the right to vote in an election for a political leader. B. the amount of control that the government has in a market. C. present as long as private individuals own businesses. D. the right to own private property and to exchange goods with minimal government interference.