Private goods are both
a. excludable and nonrival in consumption.
b. nonexcludable and rival in consumption.
c. excludable and rival in consumption.
d. nonexcludable and nonrival consumption.
c
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According to this Application, in exchange for the federal government absolving their debts, the states were willing to give up their ability to raise revenue from collecting
A) property taxes. B) income taxes. C) import tariffs. D) all of the above.
If you want to test, using a 5% significance level, whether or not a specific slope coefficient is equal to one, then you should
A) subtract 1 from the estimated coefficient, divide the difference by the standard error, and check if the resulting ratio is larger than 1.96. B) add and subtract 1.96 from the slope and check if that interval includes 1. C) see if the slope coefficient is between 0.95 and 1.05. D) check if the adjusted R2 is close to 1.
International trade policies are largely advocated, argued, and lobbied for based more on their distributional effects than on their aggregate or overall effects. What does this imply?
A) Producers will lobby for protectionism even though they may know that their gains from protectionism will be outweighed by the losses to consumers. B) Consumers care more about how policies affect them than how policies affect them and everyone else, too. C) Tariffs are more effective than quotas. D) Consumers' surplus will rise (when it rises) more than producers' surplus will fall (when it falls). E) none of the above
Macroland produces dishes and glassware. Before trade, a set of dishes sells for $100 and a set of glasses sells for $50. When Macroland opens to trade, foreign demand for domestically produced china is strong, raising the price of a set of dishes to $125. But foreign competition reduces the demand for domestically produced glasses, so they now sell for $25 a set. Assuming workers cannot move between industries, the wages of workers producing dishes will ________ and the wages of workers producing glasses will ________.
A. increase; not change B. increase; increase C. increase; decrease D. decrease; increase