Taxes constitute the difference between GDP and disposable income
a. True
b. False
Indicate whether the statement is true or false
True
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When less than the efficient amount of a good is produced, how does the marginal benefit of the last unit produced compare to its marginal cost?
What will be an ideal response?
The above figure shows the cost curves for a competitive firm. If the profit-maximizing level of output is 40, price is equal to
A) $0. B) $15. C) $10. D) $11.
The text compares two studies on the profitability of slavery: one by Phillips and the other by Conrad and Meyer. The main reason for the difference in their results is:
a. Phillips failed to account for the effect of productivity gains in the concerned period. b. Conrad and Meyer had better data on slave prices. c. Conrad and Meyer used data from both northern and southern farms. d. Phillips assumed that cotton prices were falling during the antebellum period.
A toll collected from each car traveling during rush hour on a congested road is an effective correction to the Tragedy of the Commons for all of the following reasons except the toll provides an incentive for commuters to
a. drive at times other than rush hour. b. use public transit rather than driving. c. drive more fuel-efficient cars. d. car-pool.