Some policymakers have argued that products like cigarettes, alcohol, and sweetened soda generate negative externalities in consumption. All else equal, if the government decided to impose a tax on soda, the equilibrium quantity of soda would ________
and the equilibrium price of soda would ________.
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease
Answer: D
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Which of the following is not a basis for trade between two nations?
a. different skill levels of the labor forces b. one nation's absolute advantage c. a difference in tastes between countries d. economies of scale e. different capital stocks
A product's ______ describes the amount of the product that is supplied for each possible combination of its price and other factors.
A. production function B. supply curve C. supply function D. production possibilities curve
A nation's total external wealth is calculated as:
A) the sum of total assets minus total liabilities expressed in local currency. B) total assets expressed in foreign currency minus total liabilities expressed in foreign currency. C) the sum of total assets minus total liabilities expressed in foreign currency. D) the sum of physical assets within the nation, domestic stock market capitalization, and government assets minus total liabilities.
The question of legality in daily fantasy comes down to whether it is a game of skill or chance. The argument that it is a game of skill is that
A. players can use the private knowledge that they are hot to time their bets. B. players can use the private knowledge that they are cold to avoid making bets. C. players can use a skillful and statistical understanding of the athletes they are choosing. D. people with skill have better luck.