Private enterprise plays some role in production decisions for
A. few countries in the world.
B. all countries in the world.
C. about half of the countries in the world.
D. most countries in the world.
Answer: D
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Answer the following statement(s) true (T) or false (F)
1. When a Clarke tax is used, the revenue collected may or may not cover the cost of providing the public good. 2. One problem with a Clarke tax is that although it may not cover the complete cost of a public good, it will never generate more than the cost of the good. 3. Social costs are equal to the costs imposed on others. 4. Social costs are felt by consumers but not by manufacturers. 5. All cars contribute positively to social gains.
In the figure above, with the rent ceiling ________ units of housing are available, and black market rents might be as high as ________ a month
A) 3,000; $625 B) 6,000; $400 C) 3,000; $550 D) 4,000; $550 E) 4,000; $625
Which of the following would be an example of a principal trying to deal with a moral hazard problem?
a. The parents of an infant secretly place video cameras in their house before the baby-sitter arrives. b. An insurance company checks police records to determine if its policyholders have received traffic citations. c. An employer examines his workers' output on a daily basis. d. All of the above are correct.
List and briefly explain each of the four properties of indifference curves