When a unit tax is placed on a supplier they are generally able to shift a portion of the burden to demanders by raising the prices paid by demanders
a. True b. False
a
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Variable spending arising as part of the operation and maintenance of abatement processes is known as
a. capital costs b. operating costs c. fixed costs d. implicit costs
Which of the following would have the biggest payoff?
A) increasing the Okun Gap B) restoring real GDP growth to its 1960s growth rate C) making the Okun Gap equal the Lucas Wedge D) eliminating the Okun Gap E) increasing the Lucas Wedge
Product differentiation refers to:
A. firms who offer similar products to their competitors' products, but that are more attractive in some way. B. the process of creating a standardized product with a lower-cost method than the competitors' method. C. the process of informing the public of differences in products as a result of error. D. consumers who sort and group goods based on similar characteristics.
An economic function of criminal law is to
a. reduce opportunities for Pareto improvements b. reduce the number of involuntary exchanges c. define property rights d. increase prices in the economy e. protect involuntary exchanges in the economy