Author Question: Refer to Figure 9.8. If free trade in sugar is replaced by a 50 tariff in sugar, government revenue ... (Read 89 times)

casperchen82 · **on:** Jul 1, 2018

Refer to Figure 9.8. If free trade in sugar is replaced by a 50 tariff in sugar, government revenue from the tariff will be

A) 50.
B) 5000.
C) 15,000.
D) 17,500.
E) 25,000.

Question 2

A production function defines the output that can be produced

A) at the lowest cost, given the inputs available.
B) for the average firm.
C) if the firm is technically efficient.
D) in a given time period if no additional inputs are hired.
E) as technology changes over time.