Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1Refer to Figure 4.1. If a 10-cent-per-apple tax is levied on imported apples, the United States will
A. import 2 million apples per day.
B. import 4 million apples per day.
C. import 6 million apples per day.
D. import 8 million apples per day.
Answer: A
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The Consumer Price Index is useful in calculating the average level of inflation, but it fails to capture the actual inflation experienced by any particular economic group
a. True b. False Indicate whether the statement is true or false
A public utility, such as a water company, is an example of a
a. technological monopoly b. geographic monopoly c. natural monopoly d. government monopoly
Figure 6.2 shows the cost structure of a firm in a perfectly competitive market. Suppose the current market price is $6 and the firm produces at a given output level. If the firm's total fixed cost increases due to a new government regulation, the short-run response of the firm should be to:(Note: since the question does not restrict the firm's response to the short run, we can't rule out that the rise in fixed cost will push the firm below the breakeven point and that the firm will exit the industry in the long run, thus
decreasing its current output level.) A. produce its current output level. B. decrease its current output level. C. increase its current output level. D. There isn't sufficient information.
The demand curve for a normal good shifts leftward if income ________ or the expected future price ________
A) decreases; falls B) decreases; rises C) increases; falls D) increases; rises