Which of the following would not be an example of a nonproductive activity creating social losses?
a. Accountants seeking methods of tax avoidance for their clients.
b. Lawyers engaged in litigation that would transfer money from one group to another.
c. Lawyers hired to assist two parties in writing a contract.
d. Lobbyists seeking laws that would transfer public lands to private parties without any payment.
c. Lawyers hired to assist two parties in writing a contract.
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, producer surplus equals area(s)
A. E + H + J. B. B + C. C. D. D. B + C + D.
Groups of nations that grants members trade privileges are called
A) local trade protectionists. B) trade settlements. C) regional trade blocs. D) allies.
When someone is served pizza and soda for dinner, it is typical behavior to eat some pizza, then drink some soda, then eat more pizza, and so on, until the person stops consuming both. How can this behavior be explained using economic concepts?
A. The individual is revealing that he can't decide whether he gains more utility from pizza or from soda. B. People tend to act irrationally around food, and the concept of utility maximization cannot be applied. C. The person eats pizza until his marginal utility for pizza is lower than it is for soda, then he switches to soda. D. The concept of unlimited wants says he will never tire of eating pizza and soda.
An In the News article is titled "Recycling Wastes Money." When the government requires specific processes for reducing pollution, it is using:
A. Pollution fines. B. Command-and-control strategy. C. User fees. D. Emission charges.