The average tariff rate of the United States in the 1930s was about ________ of the value of their imports.
A. 1.6 percent
B. 7.4 percent
C. 59 percent
D. 100 percent
Answer: C
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Suppose your neighbor has a beautiful garden. The benefit that she enjoys from her garden is called ________ and the benefit the rest of the neighborhood enjoys is called ________
A) marginal private benefit; marginal external benefit B) private cost; external cost C) marginal social benefit; marginal external benefit D) marginal external benefit; marginal social benefit
Which of the following would not shift the production possibilities frontier?
a. an increase in worker training b. a war that destroyed many buildings c. a technological improvement that improved fuel efficiency in cars d. a decrease in the size of the labor force e. a change to a more inefficient production process
Which of the following is not included in GDP?
a. the fees for legal services rendered by your attorney b. the replacement of brake pads on your six-year-old vehicle c. cash income paid to a day laborer that is not reported to the tax authorities d. the payments for a chiropractor's services
If you receive $18 worth of pleasure from the first hole of golf played and your additional pleasure from succeeding holes drops $1 for each hole played, how many holes of golf would you play if you had to pay $2.10 per hole?
A. 9 B. 14 C. 12 D. 16