Suppose a Tax Is Imposed on Bananas

question 8

Multiple Choice

Suppose a tax is imposed on bananas. In which of the following cases will the tax cause the equilibrium quantity of bananas to shrink by the largest amount?

• A)The response of buyers to a change in the price of bananas is strong, and the response of sellers to a change in the price of bananas is weak.
• B)The response of sellers to a change in the price of bananas is strong, and the response of buyers to a change in the price of bananas is weak.
• C)The response of buyers and sellers to a change in the price of bananas is strong.
• D)The response of buyers and sellers to a change in the price of bananas is weak.

Conceptualize how human-machine interfaces (HMIs) work in conjunction with PLCs.

Acknowledge the significance of memory and scan time in the functioning of PLCs.

Understand the basic principles and components of Functional Block Diagram (FBD) programming.

Identify different types of function blocks and their applications in FBD.

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Definitions:

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world with limited resources, making rationing necessary.

Goods and Services

Goods and services constitute the output of an economy's production activities; goods are tangible products, while services are intangible benefits or functions sold to consumers.

Resource

Assets or inputs used in the production of goods and services, including natural resources, labor, and capital.

Fundamental Resource

Basic inputs used in the production of goods and services, typically including labor, capital, land, and entrepreneurship.