The accounting framework used in measuring current economic activity is called
A. the flow of funds accounts.
B. the U.S. expenditure accounts.
C. the national income accounts.
D. the balance of payments accounts.
Answer: C
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Taxes and transfers in the United States
A) shift the Lorenz curve inward. B) shift the Lorenz curve outward. C) cancel out so that the Lorenz curve does not shift. D) shift the Lorenz curve inward at low incomes, outward at high incomes.
The problem of overfishing in waters that are commonly owned can be solved when the government determines the total amount of fish can be removed from a given area during each fishing season. Then the fishermen
A) will not be able to fish. B) can trade their rights (shares) to fish or not. C) will externalize their private costs to the government. D) will lower their private costs to fish.
If a commodity’s price is above its marginal cost, the market will tend to produce too much of the good.
Answer the following statement true (T) or false (F)
An example of a nontradable good is:
A. a dish of handmade pasta in Lucca, Italy. B. a stack of firewood from Montreal, Canada. C. a lead-painted toy from China. D. All of these would be considered a nontradable good.