The Tragedy of the Commons for sheep grazing on common land can be eliminated by the government doing each of the following except
a. assigning land property rights.
b. auctioning off sheep-grazing permits.
c. taxing sheep flocks.
d. subsidizing sheep flocks.
d
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A monopoly, unlike a perfect competitor, has total control in its market because it is the single producer. Why, then, must a single-price monopoly decrease its price if it wants to increase its output?
What will be an ideal response?
The actual division of the burden of a tax is called
A) tax incidence. B) tax dispersion. C) tax credit. D) excess burden.
Refer to Figure 4.1. The income effect of the price change in food on the quantity of food purchased is:
A) the change from F3 to F1. B) the change from F3 to F2. C) the change from F2 to F1. D) the change from F1 to F2. E) none of the above
During the financial crisis of 2008, Fed policy
a. caused the monetary base to shrink significantly. b. approximately doubled the M1 money supply. c. approximately doubled the monetary base. d. maintained the monetary base at a constant level.