Suppose That the Garden Gnome Industry Was in Long-Run Equilibrium

question 33

Multiple Choice

Suppose that the garden gnome industry was in long-run equilibrium as described in Problem 1.On January 1, 1993, the cost of plaster and labor remained at $7 per gnome, gnome molds still cost $1,000, and the interest rate remained at 10%, but the government introduced a tax of $4 on every garden gnome sold.Then the equilibrium price of garden gnomes in 1993 would be

• A)$13.
• B)$4.
• C)$9.20.
• D)$11.
• E)$15.

Appreciate the influence of knowledge, science, and technology on society.

Acknowledge the significance of gender, race, and class in understanding social inequalities and experiences.

Understand the evolving nature of sociological thought and its relevance to contemporary issues.

Understand the influence of capitalism on society as identified by key philosophers.

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Definitions:

Congress

The legislative body of the United States government, consisting of two houses: the Senate and the House of Representatives, responsible for creating laws.

Desegregated Regiments

Military units in which members of different races are integrated, as opposed to segregated units which were racially divided.

Platt Amendment

An amendment to a U.S. Army appropriations bill in 1901, establishing the terms under which the United States would end its military occupation of Cuba and "guarantee" Cuban independence.

Military Occupation

The control and possession of a territory by a foreign military force.