Refer to Figure 9-5. The tariff revenue collected by the government equals
A) $10 million. B) $15 million. C) $19.875 million. D) $35 million.
B
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If an increase in the price of one good causes the demand curve for another good to shift to the right, then the two goods are:
A. substitutes. B. complements. C. normal. D. unrelated.
A survey showed that in each of the past 12 months there was one person who was unemployed who worked in all other months. There were also two people who were unemployed for all 12 months. What percentage of the unemployment spells during the year was short term, and what percentage of the unemployment in a given month was long term?
a. 75% was short term; 33.3% was long term b. 75% was short term; 66.7% was long term c. 85.7% was short term; 33.3% was long term d. 85.7% was short term; 66.7% was long term
A positive statement:
A. can actually be false. B. provides an opinion with a positive outlook. C. is the same as a normative statement. D. must always be true.
Assuming the market is in equilibrium in the graph shown with demand D and supply S2 at a quantity of 8, consumer surplus is:
A. $7. B. $32. C. $11. D. equal to the producer surplus.