Refer to Figure 7-3. With a quota in place, what is the quantity consumed in the domestic market and what portion of this is supplied by imports?
A) Domestic consumption equals 28 million pounds of which 18 million pounds are imports.
B) Domestic consumption equals 34 million pounds of which 18 million pounds are imports.
C) Domestic consumption equals 40 million pounds of which 22 million pounds are imports.
D) Domestic consumption equals 34 million pounds of which 16 million pounds are imports.
D
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The percentage of the population classified as poor in 2010 was approximately
a. 7 percent. b. 15 percent. c. 21 percent. d. 25 percent.
In long-run equilibrium for a perfectly competitive firm, price equals which of the following?
a. Economies of scale. b. Minimum short-run average total cost. c. The sum of each short-run marginal cost curve. d. All of these.
Marge Sampson produces and sells 400 jars of homemade jelly each month for $3 each. Each month, she pays $200 for jars, $150 for ingredients, and uses her own time, with an opportunity cost of $500 . Her economic profits each month are:
a. $350. b. $500. c. $650. d. $700.
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Mr. Lingle's budget constraint is AC. His choice set is all points
A. along budget constraint AC. B. along the vertical and horizontal axes. C. to the right of budget constraint AC. D. in the area bounded by OAC.