The Sherman Act outlawed practices that result in the restraint of trade.
Answer the following statement true (T) or false (F)
True
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If capital gains equal zero, then the Ng family's wealth at the end of the year equals their wealth at the beginning of the year
A) plus consumption minus income. B) plus income. C) plus saving. D) minus personal income taxes. E) minus consumption.
In order for a Pigouvian tax to be efficient, the amount of revenue raised plus the economic value of the reduction in pollution must together be larger than the loss in consumer and producer surplus.
Answer the following statement true (T) or false (F)
Refer to Table 13-1. What portion of the marginal revenue of the 4th unit is due to the output effect and what portion is due to the price effect?
A) output effect = -$0.50; price effect = $5.00 B) output effect = $24.00; price effect = $19.50 C) output effect = $6.00; price effect = -$1.50 D) output effect = $6.50; price effect = $2.00
According to the text, as compared to rich countries, most of the poor countries do not fare well because:
a. they have no oil. b. the people in these countries have limited property rights. c. access to education in these countries is very limited. d. high tariffs in these countries prevent international trade. e. they do not have any natural resources.