If a person is concerned that an additional $1,000 income will move him/her into a new tax bracket, that person is worried about the:

Suppose that a firm earned $500,000 in total revenue. At the same time, it incurred labor costs of $200,000; economic depreciation of $50,000; normal profit of $75,000; interest paid to the bank of $25,000; and used other factors of production that

cost $100,000. The economic profit earned by the firm equals A) $275,000. B) $175,000. C) $50,000. D) $200,000. E) $500,000.

For a country that is considering the adoption of either a tariff or an import quota on a particular good, an important difference is that

a. an import quota has no effect on consumer surplus, while a tariff decreases consumer surplus. b. an import quota has no effect on producer surplus, while a tariff decreases producer surplus. c. a tariff raises total surplus, while an import quota does not. d. a tariff raises revenue for that country's government, while an import quota does not.