Wants are unlimited and
a. constant
b. free
c. never fulfilled
d. ever changing
Ans: d. ever changing
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The U.S. federal government relies more heavily on ____ than any other government
a. excise taxes b. sales taxes c. customs duties d. income-based taxes
In the case of positive externalities, too many people consume and produce the good compared to what is desired by society
a. True b. False Indicate whether the statement is true or false
Iceland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Lavaland can produce 16 units of food per year or 8 units of clothing. Which of the following is true? a. Iceland has an absolute advantage, but not a comparative advantage in producing food. b. Iceland has a comparative advantage, but not an absolute advantage in producing food. c
Lavaland has both a comparative and absolute advantage in producing clothing. d. Lavaland has a comparative advantage, but not an absolute advantage in producing clothing.
Christoph is a landlord in an area where rent controls have set the maximum price he can charge below the competitive equilibrium price. How can a landlord like Christoph be a “winner” in this situation?
a. by expanding his business and buying more properties b. by spending more to maintain his properties in perfect condition c. by breaking the law and finding ways to charge his tenants more d. by increasing demand by charging his tenants even less than the price ceiling