Relating to the Economics in Practice on page 338: A number of companies are using their own internal carbon taxes to reflect the social cost of carbon emissions on the environment. The price per ton of carbon emissions that they are using
A. has been set by the government.
B. is not standardized.
C. is the price established by the EPA.
D. has been agreed to by the private sector.
Answer: B
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
In a small country, the net national cost of tariff protection is equal to the reduction in consumer surplus minus
A) the increase in government revenue and the increase in producer surplus. B) the increase in government revenue. C) the increase in producer surplus. D) the efficiency loss and the consumption side loss.
What would be the Nash equilibrium of this simultaneous game?
a. Hit, Tell b. Not hit, Tell c. Hit, Not tell d. Both B&C
A common assumption that economists make about the behavior of elected officials is that they try to
a. maximize the size of their government salaries b. maximize the size of their control over the budget process c. maximize the number of votes they receive in the next election d. minimize the government's expenditures in order to balance the budget e. conform to the wishes of special interest groups so that the government behaves as a single, consistent decision maker