According to economists, national defense can be supported through taxation because
A) national security generates no benefits for which any one would be willing to pay.
B) people are insufficiently patriotic.
C) taxation makes everyone pay in proportion to the benefits they receive.
D) the people who refuse to pay the cost cannot easily be excluded from the benefits.
E) we must choose between coercion through taxation and coercion through a draft.
D
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Coal-fired steam locomotives become more efficient for railroads relative to oil-burning diesel locomotives as
A) the price of coal increases. B) the price of oil increases. C) coal-fired steam locomotives become larger. D) railroad freight rates increase.
What steps can a bank take to deal with a significant outflow of deposits?
What will be an ideal response?
The above figure shows Bob's utility function. He currently has $100 of wealth, but there is a 50% chance that it could all be stolen. What is the most Bob would pay for insurance that would replace his $100 should it be stolen?
A) $30 B) $50 C) $70 D) $75
Suppose a victim of an accident brings the injurer to court. You are hired to determine the amount of damages
You are specifically asked to find a measure of the amount of money needed to restore the victim to the position he was in prior to the accident. What welfare measure will provide the most accurate measure of this amount? A) compensating variation B) equivalent variation C) consumer surplus D) the loss of utility