After the imposition of the quota, the quantity demanded of TVs is ________.
A. 100,000
B. 80,000
C. 40,000
D. 20,000
Answer: B
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According to the economic way of thinking, it is efficient to support a system of law and order through taxation because
A) we need law and order. B) law and order are not free goods. C) law and order create significant spillover benefits. D) citizens ultimately despise law and order.
Free trade is better than autarky for a small country
Indicate whether the statement is true or false
Suppose all individuals are identical, and their monthly demand for Internet access from a certain leading provider can be represented as p = 5 - (1/2)q where p is price in $ per hour and q is hours per month
The firm faces a constant marginal cost of $1. Potential consumer surplus equals A) $4. B) $8. C) $16. D) $32.
Megan used to work at the local pizzeria for $15,000 per year but quit to start her own deli. To buy the necessary equipment, she withdrew $20,000 from her inheritance (which paid 8 percent interest). Last year she paid $25,000 for ingredients and $500 per month rent but had revenue of $50,000. She asked her dad the accountant and her mom the economist to calculate her annual profit for her.
A. Dad says her profit is $19,000 and Mom says her profit is $2,400. B. Dad says her profit is $31,000 and Mom says her profit is $16,600. C. Dad says she lost $11,000 and Mom says she lost $26,000. D. Dad says her profit is $9,000 and Mom says she lost $6,000.