In 2015, federal, state, and local governments spent almost
A. $600 billion.
B. $6 trillion.
C. $3 trillion.
D. $4 billion.
Answer: B
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Maria lives next door to Alice. Alice regularly plays loud music, which often disturbs Maria. Maria went over to Alice's house yesterday and asked her to turn down her music because loud music adversely affects her. Alice has complied. Which of the following best describes the economists' view of what has happened?
A. The marginal social benefits of loud music were greater than the marginal private costs of loud music and the problem was solved by Maria persuading Alice to internalize her (Maria's) external costs. B. The marginal social costs of loud music were greater than the marginal private costs of loud music and the problem was solved by Maria persuading Alice to internalize her (Maria's) external costs. C. The marginal social costs of loud music were greater than the marginal private costs of loud music and the problem was solved through a reassignment of property rights. D. The marginal social costs of loud music were greater than the marginal social benefits of loud music and the problem was solved by Maria persuading Alice to internalize her (Maria's) external costs. E. none of the above
Crucial assertions in the menu-cost literature are that those costs ________ be large for them to have an effect on firms' pricing, while potential total welfare losses ________ menu costs that have been avoided
A) need not, may be several times larger than B) need not, are generally much less than C) must, may be several times larger than D) must, are generally much less than
A tax on sellers:
A. cause equilibrium price and quantity to decrease. B. cause equilibrium price to decrease and equilibrium quantity to increase. C. cause equilibrium price and quantity to increase. D. causes equilibrium price to increase and equilibrium quantity to decrease.
The quantity that sellers wish to sell tends to ________ as price increases, and so the supply curve is ________ sloping.
A. decrease; upward B. increase; upward C. decrease; downward D. increase; downward