Refer to the figure above. Calculate the total surplus after the government imposes a tariff of $1 per unit
A) $160
B) $240
C) $300
D) $315
B
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The fraction of a change in real disposable income that is spent is referred to as the
A) APC. B) MPC. C) MPS. D) APS.
Barter may be the only alternative: a. if the supply of money dries up. b. if the price system is not allowed to function properly. c. if disinflation sets in
d. if hyperinflation sets in. e. if fiat money is discontinued.
In 1985 a desert community stopped pumping water from a 1000 foot well because it had run dry. In 2005 the price of water doubled. The community then drilled the well deeper and started pumping again. In this community,
A. higher water prices can reduce quantity demanded but cannot increase quantity supplied. B. the supply of water is perfectly inelastic because it is a finite resource. C. water production is characterized by increasing opportunity costs. D. markets cannot reach equilibrium because there is a persistent shortage of water.
The top ten causes of death in the United States in 2014 included all of the following but:
a. diabetes. b. heart disease. c. cancer. d. AIDS. e. suicide.