Figure 17-10 Refer to . A result of the tariff is that, relative to the free-trade situation, the quantity of saddles imported decreases by
a. Q2 - Q1.
b. Q3 - Q2.
c. Q4 - Q3.
d. Q4 - Q3 + Q2 - Q1.
d
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In 2003, the Social Security tax was around _____ of total federal taxes
a. 17 percent b. 26 percent c. 31 percent d. 39 percent
The corporate income tax is the single largest source of revenue for the federal government
a. True b. False Indicate whether the statement is true or false
The basic difference between macroeconomics and microeconomics is that
a. macroeconomics is concerned with the forest (aggregate markets), while microeconomics is concerned with the individual trees (subcomponents). b. macroeconomics is concerned with policy decisions, while microeconomics applies only to theory. c. microeconomics is concerned with the forest (aggregate markets), while macroeconomics is concerned with the trees (subcomponents). d. opportunity cost is applicable to macroeconomics, and the fallacy of composition relates to microeconomics.
The marginal revenue that would be derived from producing the fourth unit of output is
A. $24.
B. $22.
C. $20.
D. $18.