If a nation's government determines that consumption of cigarettes should be discouraged, then this means that the government has judged cigarettes to be a(n)
A) government-sponsored good.
B) exclusive good.
C) government-inhibited good.
D) public good.
C
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The main rationale for government regulatory functions is
A) to regulate for-profit institutions. B) to make sure that firms are maximizing profits. C) to expand the scope of the government. D) to protect consumer interests.
Diminishing marginal returns lead to diminishing returns
A) when marginal returns fall but remain positive. B) only in theory. C) when marginal returns become negative. D) when labor exceeds capital.
Suppose the market for oranges is perfectly competitive and unregulated. Suppose also that the chemicals used to keep the oranges insect-free damage the environment by an estimated $1 per bushel of oranges. Suppose QD = 1000 - 100P and QS = -100 + 100P. If regulators limited production to 200 bushels, the deadweight loss relative to the option of setting the optimal tax would be would be
a. $0 b. $200 c. $500 d. $1000
Which of the four criteria for an ideal voting system is demonstrated when everyone in a town prefers spending on improved public transportation systems instead of public parks, and transportation spending wins?
A. No dictator B. Unanimity C. Transitivity D. Independence of irrelevant alternatives