Refer to the figure above. If a per-unit tax of $3 is imposed on the sale of Good X, what is the tax revenue received by the government?
A) $20 million
B) $10 million
C) $12 million
D) $60 million
D
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When a nation imports a good, its ________ surplus decreases and its ________ surplus increases
A) consumer; producer B) consumer; consumer C) producer; producer D) producer; consumer E) total; consumer
If Tom tattles, what would Sarah's best response be
a. Hit b. Not hit c. Run d. Hide
Farmers rotate their crops between corn and soybean to increase crop yields. This behavior exhibits
a. Economies of scale b. Economies of scope c. Diseconomies of scale d. Diseconomies of scope
If people come to expect ongoing inflation, what will happen over time independent of the Fed's response?
a. The long-run aggregate supply curve will shift to the right. b. The aggregate supply curve will continue to shift upward. c. The aggregate demand curve will continue to shift to the right. d. The aggregate supply curve will continue to shift downward. e. The aggregate demand curve will continue to shift to the left.