The saying that "There's no such thing as a free lunch" refers to the:
A. marginal principle.
B. spillover principle.
C. principle of opportunity cost.
D. reality principle.
Answer: C
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Which of the following is a possible government solution to the problem posed by a good with an external benefit?
A) Give a voucher to buyers of the good. B) Tax the consumption of the good. C) Tax the production of the good. D) All of the above are possible solutions.
What is rent seeking and how is it related to regulatory capture?
What will be an ideal response?
Which of the following words and phrases best captures the notion of equality?
a. minimum waste b. maximum benefit c. sameness d. efficiency
Suppose real GDP was 120 in year 1 and 156 in year 2. The growth rate of real GDP is:
A. 5.6 percent. B. 18 percent. C. 30 percent. D. 36 percent.