Refer to the information provided in Figure 3.9 below to answer the following question(s).
Figure 3.9Refer to Figure 3.9. Assume there are only two people in the market for coconuts: Sasha and Kyle. Along the market demand curve for coconuts, at a price of ________, quantity demanded would be ________.
A. $14; 8
B. $14; 9
C. $10; 9
D. $10; 10
Answer: D
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Ceteris paribus, a change in the quantity supplied along the supply curve of Braun coffee makers is:
a. directly related to the price of a Morphy Richards coffee maker. b. directly related to the price of milk and cream. c. directly related to the prices of inputs used in the production of Braun coffee makers. d. directly related to changes in the technology used in producing coffee makers. e. directly related to the price of a Braun coffee maker.
A corrective tax equal to the external cost imposed on third parties levied on polluters will: a. eliminate all pollution
b. increase the level of pollution. c. force polluters to internalize the external cost resulting from their actions. d. usually have no impact whatsoever on pollution levels, but will generate tax revenue for the government.
A ____________ is an organization of workers that negotiates with employers over wages and working conditions.
a. guild b. labor union c. professional association d. lobby
If the government taxes a good that generates a negative externality, then the government:
A. will generate tax revenue, but lower economic surplus. B. can increase total economic surplus, but tax revenue will fall. C. will neither increase total economic surplus nor generate tax revenue. D. can increase total economic surplus and generate tax revenue.