Refer to Figure 9-2. If the tariff was replaced by a quota which limited rice imports to 16 million pounds, the amount of revenue received by rice importers would equal
A) $19.8 million. B) $16 million. C) $9.6 million. D) $6.4 million.
B
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A country has an aggregate production function of the form: Y = A x K1/3 x H2/3
Which of the following is likely to happen if the capital stock and the efficiency units of labor available to the country increases by 10% over a span of 5 years while the state of technology used in the country remains the same? A) Output will increase by 5%. B) Output will double. C) Output will increase by 10%. D) Output will increase by 1%.
When society receives more benefits from a good than the individuals who consume the good,
a. the marginal social benefit for the good is less than the marginal social cost b. too much of the good would be produced by a private market c. property rights are assignable and well defined d. the good produces a positive externality e. the good is exhaustible with fixed-production technology
The consumption function will shift for all of the following reasons except
a. a change in a household's real assets b. a change in interest rates c. a change in expectations of price changes d. a change in a household's incomes e. a change in taxation policy
Suppose you own a small business. Last month, your total revenue was $6,000. In addition, you paid: $1,000 in monthly rent for office space,$200 in monthly rent for equipment,$3,000 to your workers in wages for the month, and$1,000 for the supplies you used that month. If you correctly determine that your economic profit last month was negative $200, then it must be true that:
A. your implicit costs are $200 per month. B. you do not have any implicit costs. C. the rent you pay on your equipment is an implicit cost. D. your implicit costs are $1,000 per month.