When an economy's actual output is greater than its potential at some point in time, we say that it is experiencing:
A. a positive output gap.
B. a negative output gap.
C. inflation.
D. deflation.
A. a positive output gap.
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The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. If the market is perfectly competitive and unregulated, the efficient level of output could be achieved by setting a per ton tax of
A) zero. B) $30. C) $80. D) $110.
Refer to the information provided in Figure 7.1 below to answer the following question(s). 
Figure 7.1Refer to Figure 7.1. A corn producer's profit is $200 and is producing 100 bushels of corn. Then he must have a cost per bushel of
A. $1. B. $2. C. $3. D. $4.
Insurance companies use deductibles and coinsurance to reduce moral hazard
Indicate whether the statement is true or false
What are the major criticisms of the Lorenz curve?
What will be an ideal response?