The time it takes to pass legislation to implement a particular policy is called
A) the data lag.
B) the recognition lag.
C) the legislative lag.
D) the implementation lag.
E) the effectiveness lag.
C
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If s = MPS, and t = income tax rate, the marginal leakage rate is
A) s(1 - t) + t. B) s -t. C) s(1 - t). D) t(1 - s) + t.
Declining-block quantity discrimination makes sense if
A) buyers of smaller quantities are more price sensitive than buyers of larger quantities. B) buyers of smaller quantities are less price sensitive than buyers of larger quantities. C) demand for the good is perfectly elastic. D) the lower price for larger quantities encourages all consumers to purchase the larger quantity.
Suppose that you have returned from your fishing expedition with 20,000 fish. The market price is $3 per fish. Your average fixed cost was $1 and your total variable cost was $5,000 . If the price jumps to $3.50 before you sell your first fish, how much extra profit, if any, do you earn?
a. $10,000. b. $25,000. c. $30,000. d. $45,000. e. $70,000.
Most economists agree that exclusive reliance on direct controls
A. is more advantageous than voluntarism and emissions taxes. B. has been accepted by most polluting firms. C. is cheaper than any other enforcement mechanism. D. will penalize firms that can be more efficient using other controls.