An appreciation in the U.S. dollar benefits which of the following groups of people?
A. All people living in the United States
B. U.S. producers who export farm equipment to other countries
C. U.S. consumers who buy imported automobiles
D. Foreigners who wish to travel to the United States
Answer: C
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The above figure shows the U.S. market for replacement cell phone batteries. The U.S. government collects tariff revenue of ________ on each battery imported
A) $4 B) $14 C) $12 D) $6 E) $2
A construction project in Congressman Foghorn's district is unfinished. Foghorn has asked that a new appropriations bill include funds to complete the project, despite a report by an independent agency that the project is a waste of taxpayer money
Foghorn's project is a bridge that crosses a river between two cities in his district. The press has criticized Foghorn and dubbed the project "a bridge too far" since another bridge, located closer to the same two cities Foghorn's bridge will connect, already exists and can accommodate all traffic between the two cities. Foghorn argues that if the bridge project is not completed, the $50 million already spent will have been wasted. Is Foghorn's argument economically rational? Explain your answer.