Assume the average annual CPI values for 2015 and 2016 were 207.3 and 215.3, respectively. What was the percent increase in the CPI between these two years?
A) 3.86 B) 0.96 C) 8.0 D) 1.04
A
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On the benefit side of the analysis, briefly describe two distinct benefits to society that are relevant to a risk-benefit analysis of pesticides.
Suppose you are part of an economic analysis team charged with recommending a policy response to pesticide risks. Your team decides to use risk-benefit analysis as its risk management strategy.
The figure below represents the U.S. market for steel imports from Korea. The Korean government provides an export subsidy of $25 per ton, and Korean firms use the subsidy to reduce their export price to the United States to $375 per ton.
Suppose the United States now imposes a countervailing duty on its steel imports from Korea to offset the impact of the subsidy provided by the Korean government on its steel exports. The change in U.S. national well-being due to the imposition of this duty is
A. +$3.75 billion. B. -$4.125 billion. C. +$3.375 billion. D. -$375 million.
A perfectly competitive industry is in long-run equilibrium. If demand for the product increases, we can expect:
A. firms to enter the market. B. firms to exit the market. C. no change in the number of firms in the market. D. There is not enough information to tell what will happen to the number of firms in the market.
As an economy moves from point to point along its production possibilities curve, which one of the following variables changes?
A. the level of technology B. the amount of each good or service produced C. the level of efficiency of some factors of production D. the total amount of resources employed