Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1Refer to Figure 4.1. The United States will import 6 million apples per day if a per-apple tax of ________ is levied on imported apples.
A. 0 cents
B. 10 cents
C. 20 cents
D. 30 cents
Answer: A
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If the stock of physical capital (that is machinery, equipment, etc.) and human capital remains the same and the population increases, then
A) labor productivity will increase. B) labor productivity will decrease. C) real GDP decreases. D) the new labor will be more productive. E) the standard of living will increase.
One of the possible roles governments can play in sponsoring growth is to
A) close the nation to trade in order to protect its domestic producers. B) own more of the nation's resources in order to put them to use. C) limit the use of property rights in order to decrease the harm they create. D) make decisions for its citizens as to the most suitable job. E) provide tax incentives to encourage saving.
Identify the four factors of production, and tell what type of income is earned by each factor
What will be an ideal response?
Insurance companies charge annual premiums to collect revenue, which they then use to pay customers who file claims for damages they incur. Because of the moral hazard problem insurance companies separate customers into groups. Group 1: customers who file few claims & Group 2: customers that file a lot of claims. After creating these groups, what happens to the average annual premium within a
group? a. Group 1: average annual premium increasesGroup 2: average annual premium increases b. Group 1: average annual premium decreasesGroup 2: average annual premium increases c. Group 1: average annual premium increasesGroup 2: average annual premium decreases d. Group 1: average annual premium decreasesGroup 2: average annual premium decreases