The city of Logan Square needs $40 million for a network of streetlights. There are 20,000 residents in the Logan Square neighborhood, meaning the cost for each resident is $2,000. Mr. Miller refuses to donate $2,000 towards the project. This is an example of the problems encountered with:
A. consumer goods.
B. capital goods.
C. private goods.
D. public goods.
Answer: D
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Here are three possible definitions of "Compensating Variation": I. the amount a person would be willing to pay to avoid a price increase. II. the amount of additional income needed to allow a person to restore his or her utility back to its initial level after it has been reduced by a price increase. III. the amount of income that a person who experienced a price increase would be willing to pay
to see the price return to its earlier level. Which of these definitions is (are) correct? a. Only I b. I and II c. II and III d. Only III
Perfect (first degree) price discrimination:
a. is a common occurrence in situations with many buyers. b. occurs fairly often in situations with only a few buyers. c. is only observed in competitive markets. d. rarely occurs because firms do not have sufficient information to differentiate among specific buyers.
A highly progressive tax takes relatively more from the rich than it does from the poor.
Answer the following statement true (T) or false (F)
When a Chinese company builds an auto plant in the United States, the immediate result of this Chinese investment in the United States is a ________ item in the U.S. ________ account.
A. deficit; current B. surplus; current C. surplus; financial D. deficit; financial