The height of the market demand curve
a. at any quantity shows the value — to someone — of the last unit of the good consumed
b. shows the market value of a good or service
c. increases as more of a good or service is consumed
d. shows the cost of producing each unit of a good or service
e. measures the side payment necessary to achieve economic efficiency
A
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"The recent hurricanes in Florida are bringing financial gain to California citrus growers. Due to extensive damage to the Florida citrus crop, California citrus products are commanding their highest prices ever"
Which of the following statements best explains the economics of this quotation? A) The supply of Florida oranges decreased, causing their price to increase, which then increased the demand for substitute California oranges. B) The supply of Florida oranges decreased, causing the supply of California oranges to increase and the price of California oranges to rise. C) The demand for Florida oranges decreased because of the hurricanes, causing a greater demand for California oranges and an increase in the price of California oranges. D) The demand for Florida oranges decreased, causing their prices to rise, therefore increasing the demand for California oranges.
The price of any productive resource is ____ related to ____ the final good or service:
a. inversely; demand for b. directly; demand for c. directly; supply of d. not; supply of
Since World War II, the share of corporate income tax collections in total federal revenue has been:
a. increasing rapidly. b. declining rapidly. c. increasing slowly. d. declining generally.
Suppose that British Steel, Ltd., sells steel in Britain at $600 per ton and the same steel in the United States at $450 per ton. The price of equivalent steel produced in the United States is $550 per ton. How large an antidumping tariff (in percentage) will be applied on imports from British Steel if it is found that it dumped steel on the U.S. market?
a. 9.11% b. 22.22% c. 25% d. 33.33%