Which of the following is a measure of political globalization (one of the three categories used by the KOF Swiss Economic Institute)?
a. Participation in U.N. peace missions
b. Spread of ideas
c. Flow of information
d. Limits on externalities
e. Progressive taxation
a
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Mary is willing to pay $50 for a Christmas tree, John is willing to pay $45 and Jeff is willing to pay $40. The price of a tree is $40. The total consumer surplus for Mary, John and Jeff taken together is
A) $15. B) $135. C) $40. D) $95. E) $120.
At the current level of output, the marginal social benefit of pizza exceeds the marginal social cost of pizza. Compared to the allocatively efficient quantity, we are producing too ________ pizza and too ________ of other goods
A) much; little B) much; much C) little; little D) little; much
If Coke and Pepsi are close substitutes, then if:
a. Coke raises its price, so will Pepsi. b. Coke raises its price, it will not lose customers to Pepsi. c. Pepsi lowers its price, it will not hurt Coke. d. Pepsi lowers its price, so will Coke. e. Coke raises its price, some customers will switch to Pepsi.
Consumers do not prefer gifts-in-kind to cash gifts
Indicate whether the statement is true or false