Which of the following is most likely to be an inferior good?
A. rice
B. designer coats
C. ocean cruises
D. steak
Answer: A
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A government action that can help correct positive externalities is
A) a tax on producers of the good that provides external benefits. B) a subsidy to consumers of the good that provides external benefits. C) an effluent fee charged to producers of the good that provides external benefits. D) regulations aimed at reduced production by sellers of the good that provides external benefits.
The _____ tend to have a smaller public sector relative to the total economy
a. socialist economies b. centrally planned economies c. autocratic economies d. market economies e. mercantilist economies
Income transfers are current payments to individuals for which no current goods or services are exchanged.
Answer the following statement true (T) or false (F)
What is Calvin’s opportunity cost to produce 3/4 pound of food?
a. 1/2 yard of cloth
b. 1 yards of cloth
c. 1-1/2 yards of cloth
d. 2 yards of cloth