One problem with constructing a perfectly complete realistic economic model is that
A. it would not serve the needs of economists who builds that model.
B. it would be too simplistic to have any value.
C. it would be far too complicated to analyze.
D. None of these is true.
Answer: C
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Based on Figure 6.1, how much revenue will the government raise from a $0.25 per bushel tariff on soybean imports?
A) The government will raise $2.5 million. B) The government will raise $5 million. C) The government will raise $15 million. D) The government will raise $32.5 million. E) The government will see no increase in income; because the country is small, foreign firms will simply not serve it after the tariff is imposed.
The CPI was 172 in 2007, and the CPI was 46.5 in 1982 . If your parents put aside $1,000 for you in 1982, then how much would you have needed in 2007 in order to buy what you could have bought with the $1,000 in 1982?
a. $270.35 b. $1,255.00 c. $2,698.92 d. $3,698.92
Unemployment that results when there are more people seeking jobs in a labor market than there are jobs available is called:
What will be an ideal response?
Figure 16.1A firm that generates pollution is illustrated in Figure 16.1. If the government imposes a pollution tax equal to P1, the marginal benefit to the firm of abating A2 is:
A. P1. B. P2. C. P1 - P2. D. P2 - P3.