Despite India being on the World Bank's list of low-income countries, its capital city, Mumbai, is one of the top ten centers of commerce in the world.
Answer the following statement true (T) or false (F)
True
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Tom and Jerry are the only members of society. The table above shows their marginal benefits from defense satellites, a public good. If the marginal social cost of a satellite is $36, the efficient quantity of satellites is
A) 1. B) 2. C) 3. D) 4.
Refer to the above figure. At an income of $10,000, saving is
A) 0. B) $13,000. C) $3,000. D) -$3,000.
If an excise tax is imposed on steak,
a. the government's tax revenue will decrease b. the government's tax revenue will increase c. the amount of steak produced and sold will increase d. the market price of steak will decrease e. the market price will rise but the market quantity will be unaffected
Economic analysis indicates that growth in the size of government as a share of the economy will
a. always reduce economic growth and reduce the living standards of the citizenry. b. enhance economic growth and lead to higher income levels as it becomes larger and larger. c. initially promote growth as the government focuses on core functions, but deter growth as government becomes larger and larger. d. initially reduce economic growth, but eventually government will enhance growth as it becomes larger and larger.