Using a toll to reduce traffic when congestion is greatest is an example of a
a. regulation solution.
b. command-and-control policy.
c. corrective tax.
d. Coase theorem solution.
c
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Which of the following would not be considered price discrimination?
a. setting separate rates for residential and commercial uses of electricity b. giving a senior citizen discount at restaurants c. renting recently released videos at a higher price than the old classic videos d. giving children a discount at the movies e. giving students a discount on ski lift tickets
William likes Dr. Pepper and pork sandwiches. When the price of pork sandwiches rises, the substitution effect causes Dr. Pepper to be relatively
a. more expensive, so William buys more Dr. Pepper. b. more expensive, so William buys less Dr. Pepper. c. less expensive, so William buys more Dr. Pepper. d. less expensive, so William buys less Dr. Pepper.
The law of comparative advantage indicates that if a group of individuals wants to maximize their joint output, then each good should be supplied by
What will be an ideal response?
When workers move from one industry to another in response to demand changes, this is an example of
A. The decreasing investment in human capital. B. Factor quality. C. Factor mobility. D. Capital stock.