Refer to the information provided in Figure 20.4 below to answer the question(s) that follow.
Figure 20.4Refer to Figure 20.4. The domestic price of a leather wallet is $20. With free trade the price of a leather wallet is $10 and after a tariff is imposed the price is $15. If the tariff is changed so that it is now ________, tariff revenue in this country will be zero.
A. $1
B. between $1 and $5
C. between $5 and $10
D. $10
Answer: D
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Standards set to control air toxics in the United States
a. are known as the NAAQS b. are the same as those set for greenhouse gases c. are intended to attain the maximum reduction for each toxic achievable, known as MACT d. are solely benefit-based
Long-run aggregate supply will decrease for all of the following reasons EXCEPT
A) reduced money wages. B) decreased human capital. C) decrease in the level of full employment. D) decreased capital.
Refer to Figure 11-13. The lines shown in the diagram are isocost lines. If the price of labor is $50 per unit, what is the price of capital along the isocost CE?
A) $400 per unit B) $100 per unit C) $25 per unit D) insufficient information to answer question
The primary disadvantage of engineering methods for measuring cost functions is that they deal with the managerial and entrepreneurial aspects of the production process or plant
a. true b. false