The figure above shows Kaley's marginal benefit from swimming with manatees and Scott's marginal cost of providing manatee swimming tours. If Scott offers two swim tours per week, he incurs a marginal cost of
A) more than $30.
B) $30.
C) $20.
D) $10.
E) $2.
C
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When the United States imposes a tariff on a good, the amount of the ________ in U.S. consumer surplus is ________ the amount of the ________ in U.S. producer surplus
A) increase; smaller than; increase B) decrease; larger than; decrease C) decrease; larger than; increase D) decrease; equal to; increase
Refer to Figure 3-6. The figure above represents the market for canvas tote bags. Compare the conditions in the market when the price is $50 and when the price is $35. Which of the following describes how the market differs at these prices?
A) The difference between quantity supplied and quantity demanded is greater at $50 than at $35. B) At each price there is a surplus; firms will lower the equilibrium price in order to eliminate the surplus. C) At each price the supply of tote bags exceeds that demand for tote bags. D) At each price there is a surplus; the surplus is greater at $35 than at $50.
In 2005 hurricane Katrina devastated large portions of the Gulf Coast economy. Many refineries went offline disrupting oil refining and distribution. What do you think was a likely result?
A) the restricted supply constituted a cost push shock that would have shifted the long run AS curve to the right B) the restricted supply constituted a cost push shock that would have shifted the short run AS curve to the left C) the restricted supply constituted a cost push shock that would have meant an upward movement along the Phillips curve D) all of the above E) none of the above
Which of the following groups has experienced the greatest decrease in poverty rates since 1959?
a. the elderly b. children c. people 18 to 64 years old d. women e. none of the above (i.e., all of these groups have had higher poverty rates)