Use the Following to Answer Questions

question 91

Multiple Choice

Use the following to answer questions:
Figure: Trade 2
-(Figure: Trade 2) Refer to the figure. In this figure representing the market for oil, what are the total revenues generated by the tariff?

• A) $25,000
• B) $20,000
• C) $10,000
• D) $5,000

Identify the economic decisions regarding what, how, and for whom to produce as foundational questions addressed by any economic system.

Understand the impact of technological improvements on production efficiency and the economy's potential output.

Comprehend the role of market forces, represented by Adam Smith's "invisible hand", in allocating resources efficiently.

Distinguish between capitalist and command (or socialist) economies in terms of property rights, decision-making, and economic coordination.