A "prisoner's dilemma" can arise when:
a. two large countries simultaneously and independently apply tariffs on imports from each other.
b. two large countries simultaneously and independently eliminate tariffs on imports from each other.
c. one large country eliminates tariffs on imports from another large country.
d. one small country eliminates tariffs on imports from a large country.
Ans: a. two large countries simultaneously and independently apply tariffs on imports from each other.
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The marginal benefit from pollution abatement
A) increases as pollution abatement increases because people learn to want an even cleaner environment as the environment gets cleaner. B) decreases as pollution abatement increases because of the law of diminishing marginal product. C) is constant as pollution abatement increases because pollution abatement is valued for its own sake and not for the utility it provides. D) decreases as pollution abatement increases because of the law of diminishing marginal utility.
If a shortage exists in a market then: a. the price is below equilibrium
b. the quantity demanded exceeds the quantity supplied. c. the price will rise in the near future. d. all of the above.
At an output at which ATC is greater than MC
A. the AFC curve is upward sloping. B. the AVC curve is upward sloping. C. the ATC curve is upward sloping. D. the ATC curve is downward sloping.
What will an indifference curve look like between two commodities that are perfect complements, such as right shoes and left shoes?
What will be an ideal response?