The figure above shows that the deadweight loss from the tariff is
A) $20 million per year.
B) $30 million per year.
C) $15 million per year.
D) $55 million per year.
E) zero.
B
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Common property resources like fish stocks in open waters tend to be over-utilized because:
A) the marginal social cost is less than the private marginal cost. B) the marginal social cost is always equal to the private marginal cost. C) the marginal social cost is greater than the private marginal cost. D) none of the above
Explain the role of economic freedom in economic development
What will be an ideal response?
The comparison of after-tax income distribution among countries is difficult for all the following reasons except differences in
a. peoples' abilities b. tax systems c. government assistance programs d. cultures, for example preferences for leisure e. peoples' tolerance of income inequality
If one added up the value of all intermediate goods that went into the production of real GDP, the total value of intermediate goods would be
A. Equal to the GDP. B. Greater than the GDP. C. Less than the GDP. D. None of the choices are correct.