According to the text, _________ is a good example of positive institutional change and _________ is an example of destructive institutional change in regard to economic and political institutions.
a. Atlanta, Detroit
b. China, Zimbabwe
c. Mexico, New Zealand
d. Indiana, Missouri
Answer: b. China, Zimbabwe
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Assume someone organizes all farms in the nation into a monopoly. As a result, consumer surplus will
A) not change. B) increase. C) decrease. D) either increase, decrease, or not change depending if the monopoly's marginal revenue curve lies below, above, or is the same as its demand curve. E) None of the above answers is correct because the effect on consumer surplus depends on whether the monopoly is a single-price or a price-discriminating monopoly.
An efficient tax system should have
a. horizontal equity b. a broad base c. a small number of rates, or brackets d. few exemptions e. all of the above
An increase in aggregate demand in the long run will most likely result in:
What will be an ideal response?
All of the following are characteristics of public goods EXCEPT
A) public goods can be used by more people at no additional cost. B) the good can be consumed by everyone at the same time without reducing what is available for anyone else. C) the exclusion principle. D) the goods are perfectly divisible.