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 2 million apples per day if a per-apple tax of ________ is levied on imported apples.
A. 10 cents
B. 20 cents
C. 30 cents
D. 40 cents
Answer: A
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The ability of one person or nation to produce a good at a lower absolute cost than another is called a(n)
A) comparative advantage. B) specialization advantage. C) market advantage. D) absolute advantage.
A firm has reached its shutdown point when price is equal to minimum average total cost
Indicate whether the statement is true or false
The key to a country's economic growth is combining _______ with _______.
A. human capital; physical capital B. legal institutions; cultural institutions C. ideas; good institutions D. human and physical capital; ideas and good institutions
When the supply of credit is fixed, an increase in the price level stimulates the demand for credit, which in turn reduces consumption and investment spending. This argument is called the:
A. real balances effect. B. interest-rate effect. C. net exports effect. D. substitution effect.