Opportunity cost can always be measured in money terms.
Answer the following statement true (T) or false (F)
False
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Refer to the figure above. How many chairs does Lithasia import when the government imposes a tariff of $1 per unit?
A) 10 units B) 20 units C) 30 units D) 40 units
Last year residents of country A purchased $400 billion of foreign assets and $200 of foreign goods. Foreigners purchased $300 billion dollars of country A's assets. What was the value of country A's exports?
Which of the following is not one of the side effects economists have found in programs to redistribute income?
A. The incentive effects of distributing money may cause people to make themselves look needier than they really are. B. The incentive effects of a tax may result in a switch from labor to leisure. C. The effects of taxes may include attempts to avoid or evade taxes, leading to a decrease in measured income. D. The incentive effects of distributing money may cause people to avoid government assistance programs.
An example of a situation in which the social costs are greater than the private costs would be
A) a new restaurant takes business away from an established restaurant. B) hand-held calculators putting slide rule manufacturers out of business. C) when a member of a rock band's ability to hear deteriorates from performing in so many loud concerts. D) a physician who cannot examine patients with a stethoscope in an examination room adjacent to an airport.