Assume that Matt, Joe, and Teresa are the only citizens in a community. A proposed public good has a total cost of $1000. All three citizens will share an equal portion of this cost in taxes. The benefit of the public good is $500 for Matt, $280 for Joe, and $260 for Teresa. In a majority vote, this proposal will most likely be:
A. Accepted; two in favor and one against
B. Defeated; two against and one in favor
C. Accepted; three in favor and none against
D. Defeated; none in favor and three against
B. Defeated; two against and one in favor
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The United States has a comparative advantage in producing airplanes if
A) it can produce them at a lower opportunity cost than can other nations. B) it can produce them at a lower dollar cost than can other nations. C) it can produce a larger quantity than can other nations. D) it has a larger quantity of skilled workers than do other nations.
In a two-good, two country world, if one country has an absolute advantage in the production of both goods, it can still benefit by trading with the other country
Indicate whether the statement is true or false
Jane wins $100,000 in a lottery and immediately uses her winnings to open up a donuts shop. Her direct cost is $50,000 . and she puts the remaining money in a savings account earning 10 percent annual interest. Alternatively, Jane could have placed all her lottery winnings in the 10 percent savings account. Jane's total cost of opening up a donuts shop is:
a. $60,000. b. $50,000. c. $160,000. d. $45,000. e. $55,000.
The primary responsibilities of the ________ are the assessment and collection of all duties, taxes, and fees on imported merchandise, the enforcement of customs and related laws, and the administration of certain navigation laws and treaties.
A) U.S. Customs and Border Protection B) U.S. Secret Service C) Internal Revenue Service D) Food and Drug Administration