Exports as a function of national income show how exports change with the level of a country's gross national product
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Common Property I. Suppose the common property becomes privately owned. The owner behaves competitively and charges people an entrance fee for the right to use the property. The fee will be
The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.
a. P1.
b. P2.
c. P2 - P1.
d. zero.
The labor supply curve has a positive slope if the
A) substitution effect outweighs the income effect. B) income effect outweighs the substitution effect. C) demand for labor is elastic. D) demand for labor is inelastic.
Compared to a sales tax, a value-added tax is _____
a. easier to calculate b. harder to collect c. easier to apply to investment goods d. easier to monitor
Suppose antitheft auto alarms are produced in a price-taker market that is initially in long-run equilibrium. It is estimated that only 23 percent of all autos have alarms. Due to rising auto theft, Congress mandates alarms in every vehicle. Assume complete compliance. If the industry is an increasing cost industry, price will
a. increase in both the short run and long run. b. decrease in both the short run and long run. c. increase in the short run but not in the long run. d. decrease in the short run but not in the long run.