Refer to Figure 6.8. If your city imposes a tax of $100 per apartment, the new monthly rent consumers pay is:
A. $460.
B. $500.
C. $560.
D. $600.
Answer: C
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Rationing of resources, goods, and services
A) is not required under the price system. B) is required because of scarcity. C) must be done by the government. D) happens only when the price is zero.
What most accurately describes the trend in inter-city prices between 1815-1860?
a. Prices of goods in different eastern cities diverged. b. The prices of goods in the Midwest converged towards the prices of goods in the east. c. Prices of goods in the Midwest decreased relative to the prices of goods in the east.
If the economy is producing at point D, the opportunity cost of shifting resources from consumer goods to gain 6 capital goods is _______ consumer goods.
Hypothetical Production Schedule for a Two-Product Economy
When marginal revenue is negative for a linear (inverse) demand function, increases in output will cause total revenues to:
A. remain unchanged. B. decrease. C. increase. D. There is not sufficient information to answer the question.