Refer to Figure 10.1. If two lights are installed, the people who were responsible for the light being installed each receive a payoff of
A) 2.
B) 4.
C) 6.
D) 8.
C
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Historically those few developing countries which have succeeded in significantly raising their per-capita income levels
A) did not accomplish this with import-substituting industrialization. B) did accomplish this with import-substituting industrialization. C) tended to provide heavy protection to domestic industrial sectors. D) favored industrial to agricultural or service sectors. E) did so to the detriment of their nearest neighbors.
Regulatory capture is where
A) governments take over monopolies through use of regulation. B) firms impose barriers to entry on regulators. C) regulators of an industry look out for the industry instead of society. D) the government taxes the profits of monopolies such that all producer surplus goes to the government.
Establishing different prices for similar products to reflect differences in marginal cost in providing those goods to different groups of buyers is
A) price discrimination. B) cost-plus pricing. C) price differentiation. D) product differentiation.
All of the following statements accurately describe pre-1763 British colonial policy except:
a. England discouraged western settlements in an effort to reduce conflicts between colonists and Native Americans. b. English taxes imposed on colonists were much lower than the taxes imposed on English residents. c. England passed certain laws designed to reduce colonial production of goods that duplicated popular English products. d. Colonial governors and the Privy Council rarely used their veto power to overturn colonial laws.