What is a tradeoff? Give an example
What will be an ideal response?
A tradeoff occurs when one thing must be given up to get another. Tradeoffs are pervasive; at the personal level, students tradeoff time spent studying for time they otherwise could have spent socializing.
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Which of the following statements is false?
A. Externalities can sometimes be internalized through individual voluntary agreements. B. It would be a relatively easy matter to establish property rights in the air. C. Persuasion can be used in some cases to internalize externalities. D. Taxes and subsidies are sometimes used as corrective devices for market failures.
In the short run, a firm in a monopolistically competitive market operates much like a
a. firm in a perfectly competitive market. b. firm in an oligopoly. c. monopolist. d. monopsonist.
The tax multiplier
A) is negative. B) is a measure of how much taxes will fall when income is falling. C) is larger in absolute value as compared to the government spending multiplier. D) is always less than one.
The employment/population ratio _____ between 1980 and 2000, but this ratio has _______ since 2000 . (fill in the blanks)
a. fell; risen b. was virtually constant; risen c. rose; been virtually constant d. rose; fallen