The tragedy of the commons is a widely used model often referred to in discussions about
a. space and ocean exploration.
b. lack of scientific research.
c. air and water pollution.
d. shared natural resources.
d. shared natural resources.
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If the market for roller blades is at a competitive equilibrium, and there are no external costs or benefits, then
A) marginal social benefit is equal to marginal social cost. B) the sum of consumer surplus and producer surplus is maximized. C) resources are being used efficiently. D) All of the above answers are correct.
Discuss the meaning of the phrase of supply-side economics, discussing how it is similar and different from the traditional classical model. Make sure to discuss the role of the Laffer curve in supply-side theory
What will be an ideal response?
Which of the following is the situation in which firms outside a trade bloc shift the final assembling process of partially assembled products into a member nation of the bloc and then export the finished products to other nations within the bloc?
A) trade diversion B) trade deflection C) trade retention D) rules of origin
For automobile demand in the U.S., the income response tends to be larger in the:
A. The income response is the same in the long run and the short run. B. long run. C. We do not have enough information to answer this question. D.short run.