A tariff is a
a. tax on exports.
b. penalty imposed on exporters who export a greater quantity than the quota allows.
c. penalty imposed on importers who import a greater quantity than the quota allows.
d. tax on imports.
d. tax on imports.
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At an interest rate of 4 percent, what would be the present value of receiving $4,000 four years from now?
A) $3,420 B) $3,637 C) $3,704 D) $3,847
In the graph below at a price of P*, the profit maximizing level of output is 
A. Q*. B. zero. C. below Q* but above zero. D. above Q*.
Tax Incidence
What will be an ideal response?
To derive the market demand curve for a private good, one sums the ________. For a public good, one sums the ________.
A. individual prices at various quantities; individual quantities at various prices B. individual quantities at various prices; individual quantities at various prices C. individual prices at various quantities; individual prices at various quantities D. individual quantities at various prices; individual prices at various quantities