Refer to Table 2-13. What is Tammi's opportunity cost of bathing a cat?
A) two groomed dogs B) one and a half groomed dogs
C) two-thirds of a groomed dog D) half a groomed dog
A
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A government proposal to increase marginal tax rates on the wealthiest 2 percent of U.S. residents is supposed to generate an additional $100 billion in tax revenues. It is likely that
A) the actual revenue raised will exceed the $100 billion, because the other 98 percent of the population will increase their work effort with a more fair tax system. B) the actual revenue raised will be more than $100 billion, because the short-run aggregate supply curve is upward sloping. C) the actual revenue raised will be close to $100 billion, because the wealthy don't respond to work incentives the way poorer workers do. D) the actual revenue raised will be less than $100 billion, because some of the people will respond by working less and earning less income that can be taxed.
Countries that compete by offering foreign firms a reduced set of environmental compliance requirements are known as
A) transboundary members. B) pollution havens. C) pollutants. D) pollution exporters. E) pollution guards.
Using supply and demand curve analysis, the triangular area above the equilibrium price and under the demand curve is:
a. consumer surplus. b. producer surplus. c. marginal cost. d. deadweight loss.
Which of the following is not a common characteristic of oligopolistic firms?
a. high barriers to entry b. mutual interdependence c. a large number of sellers d. nonprice competition