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
a
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The fact that some people will work hard to earn a lot of money while others will be content with much less income indicates that
a. some people can be paid less for doing hard work while others have to be paid a premium for doing a similar task. b. economics ranks one set of worker preferences as more desirable than another. c. skill levels of laborers are a minor consideration in wage rate determination. d. worker preferences are an important source of earning differentials.
The "law of supply" states that, other things remaining the same, firms produce
A) more of a good the less it costs to produce it.
B) less of a good the more it costs to produce it.
C) more of a good the higher its price.
D) less of a good as the required resources become scarcer
What is the official definition of the poverty line? What are some causes of poverty?
What will be an ideal response?
According to the text, if individuals base their expectations on the past, we could say that their expectations are:
A. adaptive. B. regressive. C. historical. D. rational.