Related to the Economics in Practice on p. 6: According to the Economics in Practice, ________ of the $10 retail value of a Barbie doll is captured in the United States.
A. none
B. 35 cents
C. $2
D. $8
Answer: D
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Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The aggregate surplus with the tax is:
A. $7.11 million. B. $3.56 million. C. $13.50 million. D. $10.67 million.
Choose the letter of the diagram in Figure 3.1 that best describes the type of shift that would occur in each situation for the market listed on the left, ceteris paribus. Figure 3.1 Shifts of Supply and Demand Candy bars: People become more health-conscious and prefer vegetables instead of candy bars.
A. A. B. B. C. C. D. D.
Tariffs are more desirable than quotas if a government wants to increase revenues and reduce benefits to inefficient exporters.
Answer the following statement true (T) or false (F)
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.