If a professor gives up her job to open a shoe store, which of the following costs would an accountant tend to ignore?
A) The $1,500 per month lease for the shoe store.
B) The $150 per month electricity bill.
C) The $4,000 per month of income forgone by not being employed as a professor.
D) The $200 business license, which, of course, is a sunk cost.
C
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In 2005, Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico which subsequently drove up natural gas, gasoline, and heating oil prices. Three years later, once the refining capacity was restored, these prices came back
down. The restoration of refining capacity should A) shift the short-run aggregate supply curve to the left. B) shift the short-run aggregate supply curve to the right. C) move the economy up along a stationary short-run aggregate supply curve. D) move the economy down along a stationary short-run aggregate supply curve.
Refer to the information provided in Figure 33.4 below to answer the question(s) that follow.
Figure 33.4Refer to Figure 33.4. The domestic price of a leather wallet is $20. With free trade the price of a leather wallet is $10 and after a tariff is imposed the price is $15. After the tariff is imposed, ________ revenue in this country will be $500.
A. import B. tariff C. export D. total