Which of these is NOT an example of opportunity cost?
A. Lobster catchers in Point Judith, Rhode Island continued to trap lobsters at the cost of depleting the lobster population.
B. President George W. Bush's administration has pushed for oil exploration in the Arctic National Wildlife Refuge in Alaska at the cost of environmental preservation.
C. Lobster catchers in Port Lincoln, Australia paid a licensing fee for the right to own lobster traps.
D. The "bridge to nowhere" to be built near Anchorage, Alaska comes at the cost of adding to the federal budget deficit.
C. Lobster catchers in Port Lincoln, Australia paid a licensing fee for the right to own lobster traps.
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If in 2016, a woman made $90,000 on the job, $30,000 from a consulting business she operated, and $10,000 in dividends on stock she owned, she would owe old-age Social Security taxes on
A. $118,500 B. $80,000. C. $120,000. D. $97,500.
What is the Earned Income Tax Credit?
What will be an ideal response?
More farmers have recently entered the corn industry. In addition there has been a technological advancement in the fertilizer industry providing corn farmers with a cheaper and a more effective fertilizer. In the market for corn, the effects these
changes will have on the equilibrium price and quantity are A) price will increase, and quantity will decrease. B) price will increase, and the effect on quantity is indeterminate. C) price will decrease, and quantity will increase. D) price will decrease, and the effect on quantity is indeterminate.
Refer to the table below for a certain product's market in Econland. Assume that the world price of the product is $6. What would be the difference in the total revenue received by foreign producers after a quota of 400 units is imposed, compared against the total revenue received by foreign producers when a $1 per unit tariff is paid?
A. $0 revenue difference
B. $100 more in revenue with a quota than with a tariff
C. $400 more in revenue with a quota than with a tariff
D. $400 more in revenue with a tariff than with a quota