Refer to the graphs shown. In which graph is there no consumer surplus either with or without a per-unit tax?
A. A.
B. B.
C. C.
D. D.
Answer: A
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In an open economy, the quantity demanded of bikes in the domestic market is ________.
A. 20,000 B. 80,000 C. 50,000 D. 100,000
If you live in a state with a returnable deposit law and you decide to throw out your empty bottles and cans, chances are that someone down the line with a higher opportunity cost than you will find them and return them for deposits
a. True b. False
Sitting through a terrible movie till the end because you already bought the ticket is an example of:
A. making a decision at the margin. B. sunk cost fallacy C. negative utility endorsement. D. rational behavior.
Robert Lucas argues that there are ________ returns to human capital, and these productivity increases are not completely captured by individuals as they decide how much education to purchase
As a result, the market produces ________ education and training. A) increasing; too little B) increasing; too much C) decreasing; too little D) decreasing; too much