The U.S. government protects fish, a common resource, by
a. subsidizing the fishing industry.
b. heavily taxing competing industries.
c. selling fishing licenses and regulating fish lengths.
d. None of the above is correct.
c
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Suppose you are very picky about your outdoor BBQ experiences --- and you need exactly 1 cup of lighter fluid for each bag of charcoal you use. If you have either leftover charcoal or leftover lighter fluid, you simply discard it.
a. Letting cups of lighter fluid be denoted as 
and bags of charcoal as 
, give the simplest possible utility function that captures your tastes.
b. Suppose that your favorite charcoal has just gotten better because the producer has infused the charcoal with half a cup of lighter fluid per bag. How does your answer to (a) change?
What will be an ideal response?
A regressive tax is a tax for which people with lower incomes
A) pay the same percentage of their incomes in tax as do people with higher incomes. B) do not have to pay unless their incomes exceeds a certain amount. C) pay a lower percentage of their incomes in tax than do people with higher incomes. D) pay a higher percentage of their incomes in tax than do people with higher incomes.
We observe that both the price of and quantity sold of golf balls are rising over time. This is due to:
A) continual improvements in the technology used to produce golf balls. B) increases in the price of golf clubs over time. C) decreases in membership fees for country clubs with golf facilities. D) more stringent professional requirements on the quality of golf balls requiring producers to use more expensive raw materials.
Which of the following will occur if the Fed buys $10 million of securities from the University National Bank?
A) The Fed will credit the University National Bank's deposit account with the Fed by $10 million. B) The Fed will debit the University National Bank's deposit account with the Fed by $10 million. C) The University National Bank has $10 million less in excess reserves. D) The University National Bank has $10 million more in securities.