When the trade-offs you face are determined by the choices someone else will make, behaving rationally involves:
A. behaving strategically.
B. ignoring the behavior of other actors.
C. acting in a way to help others.
D. All of these statements are true.
A. behaving strategically.
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Why do you suppose that South-South trade does not conform in volume, but does conform in pattern with expectations generated by the Heckscher-Ohlin model?
What will be an ideal response?
Pizza joints often offer substantially lower prices for pizza picked up at the shop than for delivered pizzas even though they charge a delivery fee. This may be an attempt at
A) perfect price discrimination. B) group price discrimination. C) quantity discrimination. D) second-degree price discrimination.
If a firm’s production creates detrimental externalities, then in a competitive market,
A. the firm will produce at an inefficiently high level. B. the firm will produce at an inefficiently low level. C. the firm will produce until marginal social cost equals marginal benefits. D. the firm will produce until marginal benefits exceed marginal social cost.
Which of the following situations is a clear application of the benefits principle of taxation?
a. wealthier people are taxed more heavily b. heavier vehicles are charged higher tolls on turnpikes c. state government providing a free education to any child in the state d. sales of measles vaccine exempt from sales tax