List the three most common forms of trade barriers
What will be an ideal response?
The three most common forms of trade barriers are tariffs, export subsidies, and quotas.
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Why is the marginal benefit of cleaning up pollution downward sloping?
A. The benefit can only be seen if you clean large amounts of pollution so there is little marginal benefit otherwise. B. At first cleaning pollution makes a big difference but there are diminishing marginal returns for subsequent efforts. C. At first you see small effects to cleaning but then see larger differences because of diminishing marginal returns. D. Cleaning up pollution continues to cost the citizens in the area more and more.
Which of the following is not an advantage to an insurance company of insuring a large group of people for health insurance?
A) When all group members pay the premium, the problem of adverse selection is reduced. B) The characteristics of a large group are likely to reflect those of the entire population. C) When all group members pay the premium, the problem of moral hazard is reduced. D) It is easier to accurately predict the number of claims for a group than for an individual.
Discuss two reasons why a country's government could conclude that imposing an export duty on a product the country exports is a good idea.
What will be an ideal response?
If the total cost of producing 10 jets is $28 million and the total cost of producing 11 jets is $30 million, this firm is experiencing
A. economies of scale in the range of 10 to 11 jets. B. constant returns to scale in the range of 10 to 11 jets. C. diseconomies of scale in the range of 10 to 11 jets. D. increasing average variable costs in the range of 10 to 11 jets.