Instruments that can be used to control overuse of a common resource include
A. privatizing the resource.
B. taxes.
C. standards.
D. all of the above
Answer: D
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In the short run, a perfectly competitive firm will shut down if
A) it incurs any economic loss. B) price equals average cost. C) total revenue is less than total variable cost. D) total revenue is less than total fixed cost.
When a nation has a comparative advantage in the production of a particular good
A) the nation tends to avoid specialization. B) the comparative advantage encourages self-sufficiency. C) the opportunity cost of producing that good is higher than that of other goods. D) the nation can gain from trade.
A binding price floor that could be set in the market in the graph shown would be:
A. $23.
B. $16.
C. $8.
D. $12.
QN=81 (17792) When the consumer price index rises, the typical family
a. has to spend more dollars to maintain the same standard of living. b. can spend fewer dollars to maintain the same standard of living. c. finds that its standard of living is not affected. d. can offset the effects of rising prices by saving more.