Which of the following is an example of an intermediate good?
A. A metal-stamping machine used to produce cars sold to an automaker
B. A new mobile phone sold to a teenager
C. A new car sold to a family
D. A new speaker system sold to an automaker for installation in a car
Answer: D
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If (PVB/PVC)for a given policy option equals 5.5, this means that
a. the policy option is not feasible b. for every dollar of incremental costs incurred by society, there are $5.50 in realized incremental benefits c. the policy option is feasible d. both (b) and (c) are correct
Which of the following most resembles a case of statistical discrimination?
A) Judy only hires military veterans because she believes it is her patriotic duty to do so. B) Due to the consequences of his behavior as a teenager, Marcel now hates police officers and refuses to hire any retired cops as security guards for his legal marijuana co-op in Denver. C) Barney thinks that people who attended public high schools have better social skills than people who were home schooled, so he tends to hire those with public school educations as telemarketers. D) Penelope believes her customers would be frightened away by salespeople with tattoos, so she only hires people with no visible body art.
People specialize in activities in which they have a comparative advantage
A) if they know they are more productive than anyone else in the particular activity. B) only if they understand the logic of comparative advantage. C) when they expect to obtain more of whatever they want by doing so. D) only when all of the above are true.
Which of the following would be an example of a lump-sum tax?
A. A compensated tax. B. A retail sales tax. C. A head tax. D. An admission fee.