Figure 17-13 -In Figure 17-13, If the World Price of a Baseball

question 115

Multiple Choice

Figure 17-13
-In Figure 17-13, if the world price of a baseball is $3 and a tariff of $1 per baseball is imposed in the United States, how many baseballs will be purchased in the United States?

• A) 4,000
• B) 6,000
• C) 8,000
• D) 10,000
• E) 12,000

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Definitions:

Profits

Financial gains obtained when the revenues earned from business activities exceed the expenses, costs, and taxes needed to sustain those activities.

Underdeveloped Countries

Nations characterized by low levels of economic productivity, income, and technological sophistication, often accompanied by poor standards of living.

World Wars

Major global conflicts involving many of the world's nations; notably, the two occurrences in the 20th century (1914-1918 and 1939-1945).

Corporate Greed

The pursuit of excessive profit by businesses at the expense of ethical standards, workers' rights, and the public good.