A $10 per-unit tax on cell phones raises the equilibrium price paid by consumers by $5. Before the tax, 5,000 cell phones were sold per year. The revenue from the tax is
A) zero.
B) positive but less than $50,000 per year.
C) $50,000 per year.
D) more than $50,000 per year.
B
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A product is considered to be excludable if it is jointly owned by all members of a community
Indicate whether the statement is true or false
If real income per person was $47,210 in the U.S. in 2010, and $55,860 in 2014, what was the annual growth rate over this time period?
a. 4.29 percent per year b. 1.83 percent per year c. 8.45 percent per year d. 1.18 percent per year
Which one of these factors plays a role in determining the extent and duration of frictional unemployment?
A. the ease with which job seekers can obtain information about job openings B. the degree to which the overall level of business activity fluctuates up and down C. the education and skill levels of labor force participants D. the extent to which government legislation requires firms to provide health insurance for employees
The state of consumer optimum is reached when the consumer's
A) total utility/marginal utility ratio for all items is equal. B) total utility/price ratio for all items is equal. C) marginal utility for a product is zero. D) marginal utility/price ratios for all items are equal.