Salaries of NFL quarterbacks, like Tom Brady, are
A. too high.
B. the result of perfectly competitive markets.
C. related to the additional revenues team owners expect to enjoy as a result of having them on the team roster.
D. All of the above are correct.
Answer: C
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Consider a situation in which a factory emits high levels of air pollution and the factory is not liable for the damages its pollution causes. According to the Coase theorem, government action is ________ to achieve an ________ amount of pollution
A) necessary; equitable B) not necessary; equitable C) necessary; efficient D) not necessary; efficient.
A monopolist's cost curves may shift up because of
a. advertising expenditure. b. bureaucratic inefficiencies. c. coordination problems. d. All of the above are correct.
In order to determine tax incidence, one must
a. consider issues of equity. b. also determine the legal liability of the tax. c. evaluate where the tax burden eventually falls. d. use the "flypaper theory" of taxation.
Currently, the U.S. national income and product accounts (NIPA) use what type of price index to calculate real GDP?
A. Heavy-weight B. Fixed-weight C. Variable-weight D. Chain-weight