Refer to Figure 5-13. The gasoline tax raises the price paid by consumers by ________ per gallon
A) $0.75 B) $1.25 C) $1.75 D) $2.00
B
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Along a given demand curve, a decrease in supply will typically
a. decrease price, but the change in quantity could be in either direction b. increase price and decrease the quantity c. decrease price but leave quantity unchanged d. decrease both quantity and price e. increase both quantity and price
If Gordon’s average tax rate is 10 percent when he earns $100 and his average tax rate is 10.25 percent when he earns $101, then
A. his marginal tax rate is 0.25 percent. B. his marginal tax rate is 35.25 percent. C. his marginal tax rate is 25.25 percent. D. his marginal tax rate is 25 percent.
Briefly explain Schumpeter’s model of innovation. Why does an innovator’s economic profit eventually reduce to zero?
What will be an ideal response?
Refer to Figure 9-2. With the tariff in place, the United States consumes
A) 9 million pounds of rice. B) 15 million pounds of rice. C) 31 million pounds of rice. D) 42 million pounds of rice.