During rush hours, long lines of traffic clog the only bridge to town. This bridge is an example of
a. market inefficiency
b. obligatory controls
c. a decreasing externality cost
d. a pure public good
e. a near public good
E
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The problem of a complex tax code filled with loopholes may be overcome by proposing a complete overhaul of the entire system that lowers taxes for everyone because it _____
a. represents a Pareto superior move b. takes advantage of rational ignorance c. benefits all special interests d. a and b
In theory, price discrimination
a. Reduces the number of consumers who purchase the firm's product b. Decreases producer surplus c. Decreases consumer surplus d. Has no effect on deadweight loss
In the prisoner's dilemma setting for producing and stealing, a tax imposed on participants could end up changing the payoff matrix so that
A) one participant is better off, and one participant is worse off. B) both participants are worse off. C) both participants are better off. D) all of the above are possible
Country A-2020 Transactions (billions of dollars)
In the above table, the merchandise trade balance for Country A is ________ billion dollars.
A. +100 B. +150 C. -100 D. -150