Quotas on an imported product
A. benefit foreign producers of the product.
B. hurt foreign consumers of the product.
C. hurt domestic producers of the product.
D. hurt domestic consumers of the product.
Answer: D
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Suppose Angelo Sessa, owner of Sezz Medi Brick Oven Pizza in NYC, earns $350,000 in revenue per year. He spends $800 a month on ash wood for his stove, $2000 a month on rent, and $1500 a month on ingredients
He used to be a lawyer and earned $240,000 a year before he opened up Sezz Medi. Normal profit for a pizza business is $30,000. What is Angelo's economic profit? A) $28,400 B) $350,000 C) $58,400 D) $268,400
The circular flow model demonstrates
A) the role of the government in overseeing the market system. B) the roles played by households and firms in the market system. C) how demand and supply for goods and services are brought into equilibrium. D) how shortages and surpluses are eliminated in a market.