If protective import-restricting tariff are imposed by a country, in the majority of cases that nation's consumers end up
A) paying a lower price and consuming more of the good than they otherwise would.
B) paying a lower price and consuming less of the good than they otherwise would.
C) paying a higher price and consuming less of the good than they otherwise would.
D) paying a higher price and consuming more of the good than they otherwise would.
C
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Refer to Table 19-20. Given the following information, calculate the rate of increase in the price level from 2015 to 2016
A) 8.6% B) 7.9% C) -7.9% D) -8.6%
If the social benefit is greater than the private benefit in a particular market, then the private equilibrium will be at a quantity:
A. greater than the socially optimal level. B. equal to the socially optimal level. C. less than the socially optimal level. D. greater than or less than the socially optimum level, depending on the size of the external costs.
John provides cheese (H) and milk (M) to the market with the following total cost function C(H, M) = 8 + 0.5H2 + 0.1M2. The prices of cheese and milk in the market are $3 and $4 respectively. Assume that the cheese and milk markets are perfectly competitive. What output of milk maximizes profits?
A. 10 B. 40 C. 30 D. 20
Decisions about how to allocate resources are made by:
A. governments. B. individuals. C. businesses. D. Decision about resource allocation are made by all of the above