The change in the economic welfare of a country associated with an increase in a tariff equals
A) efficiency loss - terms of trade gain.
B) efficiency gain - terms of trade loss.
C) efficiency loss + tax revenue gain.
D) efficiency loss + tax revenue gain + terms of trade gain.
E) efficiency loss - tax revenue gain.
A
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Human capital is
a. money used by an entrepreneur to build a business b. another expression for slave labor c. a concept used by sociologists but not economists d. knowledge and skills acquired through education and training e. a robot
What is the main difficulty facing cost-benefit analysts when they attempt to evaluate the worthiness of proposed public projects?
An editorial in the paper argues that a person only should be allowed to attend school if the marginal cost of educating that person is less than the marginal benefit of educating that person. The writer's reasoning is an application of:
A. positive economics. B. normative economics. C. negative economics. D. economic naturalism.
Which of the following is the best example of a buyer indicating his or her wants in the marketplace?
a. Ariel posts product reviews on social media sites. b. Javier answers a marketing survey. c. Qing avoids buying a certain high-priced product. d. Lola enrolls in a rewards program.