When local governments ignore all other considerations and award cable TV franchises to the firms that offer the highest money bids, they
A) discriminate against the poor.
B) encourage corruption.
C) introduce delay into the system but increase its efficiency.
D) reduce the likelihood of illegal bribes.
E) increase the likelihood the winning firm will be incompetent.
D
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If an excise tax is placed on a product that has a perfectly inelastic demand, then: a. the entire tax will be paid by the consumer
b. the entire tax will be paid by the producer. c. the consumer and producer will each pay a share of the tax. d. the incidence of the tax cannot be determined unless we know the coefficient of price elasticity of supply. e. the tax is progressive.
Which of the following is most consistent with economizing behavior?
a. If you get the same satisfaction from a hamburger and a fish sandwich, you should purchase the one that costs the most. b. Even if you know how to paint, hiring someone to do the job is consistent with economizing behavior, if your opportunity cost is high enough. c. If the government provides a good free to citizens, the opportunity cost of the good is zero. d. If you get the same satisfaction from going to the opera and going to an art museum, it makes no difference which you choose.
Everyone, from the most to the least skilled to the most and least educated, can benefit from trade.
a. true b. false
Anti-globalization and protectionism are both arguments against free trade. How do these two arguments differ?
What will be an ideal response?