Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lionfish for human consumption. However, a fishing license is required to fish in most southern states. Assume that the supply of fishing licenses is Qs = 50 + 0.05L + 40P, where L=lionfish population and P = price of a fishing license, and the demand for fishing
licenses is Qd = 1400 – 60P. What is the equilibrium price and quantity of fishing licenses when L = 10,000?
A) P = $8.5, Q = 890
B) P = $13, Q = 620
C) P = $13.5, Q = 590
D) P = $13.5, Q = 591
A
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Both presidents Kennedy and Reagan proposed significant cuts in income taxes because
A) they wanted to offset their proposals to increase other taxes. B) they believed that the tax cuts would enhance economic efficiency. C) state governments had increased their taxes and they believed the tax cuts they proposed would result in most citizens paying about the same total state and federal taxes. D) at the time of their proposals the federal government was experiencing budget surpluses; that is, tax revenue exceeded government expenditures.
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and take over a building that he owns and currently rents to his brother for $6,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. The chef's explicit costs are equal to_____.
a. ?$66,000 b. ?$78,000 c. ?$52,000 d. ?$72,000 e. ?$26,000
Which of the following takes place in the direct finance market?
A) Firms borrow funds from banks. B) Deposits from savers are accumulated and loans made to borrowers. C) Ownership in corporations is sold in the form of preferred stock. D) Banks offer savings accounts to customers.
Refer to the data. Assume new product Z is introduced. How many units of Z will this consumer buy, given his or her $12 budget?
Consumer's income = $12
A. Zero units.
B. 2 units.
C. 4 units.
D. 6 units.