What is the antithesis of the rule of law?
A) Arbitrary governance
B) Governance according to the will of whoever is in charge
C) Both of the above.
D) None of the above.
Answer: C) Both of the above.
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Exhibit 30-3 Costs of Eliminating:Firm A Firm B Firm C 1st ton of pollution$ 30 $ 50 $ 600 2nd ton of pollution$ 70 $ 90 $ 700 3rd ton of pollution$125 $150 $ 900 4th ton of pollution$200 $250 $1,300 Refer to Exhibit 30-3. Suppose that Firms A, B, and C are the only polluters in the state and that each emits 4 tons of pollution into the atmosphere. To cut the level of pollution in half the government issues two transferable pollution permits to each firm. What is the total cost to society of decreasing pollution to half its present level if firm C buys one pollution permit from firm A and one pollution permit from firm B?
A. $515 B. $1,300 C. $1,380 D. $965 E. $10,350
Suppose a farmer is a price taker for soybean sales with cost functions given by TC = .1q2 + 2q + 100 MC = .2q + 2 The firm's supply curve is given by
a. q = 5P - 10 b. q = .2P +2 c. q = 10P - 2 d. q = 2P - 5
Having a comparative advantage in the production of a good implies that a country
a. should specialize in the production of the good b. is able to produce the good with fewer resources than another country c. should not specialize in the production of the good d. also has the absolute advantage in the production of the good e. cannot have an absolute advantage in the production of the good
Most immigrants to Country X are high-skilled workers. How would the wages of these workers be affected by changes in immigration levels?
a. An immigration increase would increase their wages. b. An immigration increase would not affect their wages. c. An immigration decrease would decrease their wages. d. An immigration decrease would increase their wages.