Refer to the scenario above. Jill will derive ________ units of utility if she tries to move the tree while Jack does not try at all
A) 5
B) -5
C) -2
D) 10
B
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Some popular reality television programs follow people who buy the contents of abandoned storage lockers at public auctions. In most cases, several storeage lockers are sold in sequence during a particular auction
Occassionally, one of the buyers will purposefully bid much more than the expected value of a particular storage locker in order to intimidate the other bidders. What is a plausible explanation for these excessive bids? A) The buyer is trying to establish a reputation that may affect the outcome of later auctions. B) The excessive bids may be rational if they occur during the last auction of the day. C) The bidder is trying to establish a first-mover advantage, but only if they occur during the first auction of the day. D) The excessive bids represent a form of tacit collusion among the buyers.
In the short run, specific taxes on a firm result in
a. price increases that may not persist in the long run. b. an increase in consumer surplus because the tax permits spending in additional government services. c. shortages of the good being taxed. d. an increase in producer surplus because of the rise in price.
Which fact about recycling is incorrect?
A. Between 1980 and 2008, recycling in the United States has tripled. B. As of 2014, the 27 European Union members recycled more in terms of a percentage of garbage than the United States. C. Recycling rates of commonly used materials in the United States and industrial countries have fallen. D. Only 9 percent of plastics are recycled.
If government is going to provide an environment for economic prosperity
A) the percentage of citizens voting in major elections must increase. B) it must run budget deficits. C) the self-interest of voters, politicians, and bureaucrats must be brought into harmony with efficient use of resources. D) it must run budget surpluses.