Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. Assume that initially there is free trade. If the United States then imposes a $25 tariff per barrel of imported oil, the tariff revenue generated will equal
A. $25 million per day.
B. $50 million per day.
C. $100 million per day.
D. $125 million per day.
Answer: B
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Normal goods are those for which demand decreases as
A) the price of a complement falls. B) the price of a substitute falls. C) income decreases. D) the good's own price rises.
Assuming the inverse demand function for good Z can be written as P = 90 - 3Q, when Q is equal to 5, average revenue and marginal revenue are equal to ________ and ________
A) $75; $75. B) $85; $85. C) $75; $60. D) $60; $60.
In Figure 3-4 above, the shift from Ap0 to Ap1 could have been caused by a ________ in T of ________
A) fall, 300 B) fall, 180 C) fall, 500 D) rise, 300 E) rise, 500
The differences in the desirability of different jobs within a company could give rise to a compensating differential between workers
a. True b. False Indicate whether the statement is true or false