Refer to the information in Figure 16.5 below to answer the question(s) that follow.
?Figure 16.5Figure 16.5 shows the marginal benefits of emitting pollution for the only two chemical companies in an industry, Alpha Chemicals and Beta Chemicals. Before any tax on pollution emissions is imposed, each company views pollution as being free.Refer to Figure 16.5. The government decides to impose a tax on pollution emissions to cut total emissions in this industry in half, and based on this decision it has set the tax at $100 per ton of emissions. The total amount of pollution emissions desired by the government is ________ tons.
A. 25
B. 50
C. 75
D. 100
Answer: D
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Most of the world's population:
A) is poor relative to the United States. B) is about as well off as the average person in the United States. C) is wealthy relative to the United States. D) cannot be compared to the United States.
Exports amount to about 11 percent of U.S. GDP
a. True b. False
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. One of the reasons why Country A and Country B are not realistic representations of actual countries is:
A. the production possibilities curves are straight lines; realistic ones would be concave.
B. they only represent the production of two goods.
C. they only represent two countries.
D. All of these statements are true.
Billy’s Bean Bag Emporium produced 300 bean bag chairs but sold only 275 of the units it produced. The average cost of production for each unit of output produced was $100. The price for each of the 275 units sold was $95. Total profit for Billy’s Bean Bag Emporium would be
a. -$3,875. b. $30,000. c. $28,500. d. $26,125.