Refer to Figure 9-2. Without the tariff in place, the United States consumes
A) 9 million pounds of rice. B) 15 million pounds of rice.
C) 31 million pounds of rice. D) 42 million pounds of rice.
D
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If a person receives a consumer’s surplus from the purchase of a good, it must be that
A. the amount that the person paid minus the amount that this person values that good is greater than zero. B. the amount that the person values the good minus the amount that this person paid for that good is greater than zero. C. the value is negative because consumers have diminishing marginal utility. D. result is based solely on the supply of the good.
A production point that lies outside the Production Possibilities Curve (PPC)
A) denotes inefficiency. B) indicates unemployment. C) is currently not attainable. D) can never be reached, even in future periods.
Which of the following two effects of a decrease in the tax rate on saving would raise savings?
a. the income effect and the substitution effect b. the income effect but not the substitution effect c. the substitution effect but not the income effect d. neither the substitution effect nor the income effect
Markets in which entry and exit are difficult are known as contestable markets.
Answer the following statement true (T) or false (F)