Most lighthouses are operated by the government because
a. of the free-rider problem.
b. lighthouses are no longer valued by society.
c. most lighthouses are only tourist attractions in state and national parks.
d. shipping companies would not be able to afford maintenance fees for lighthouses.
a
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If a firm’s average cost is currently $150, and the marginal cost is $195, then the average cost is rising.
Answer the following statement true (T) or false (F)
If the demand curve and the supply curve for a good are straight lines, then the deadweight loss that results from a tariff is represented on the supply-and-demand graph by
a. the area of one triangle. b. the area of one rectangle. c. the combined areas of two different triangles. d. the combined areas of two different rectangles.
The costs of changing price tags and price listings are known as
a. inflation-induced tax distortions. b. relative-price variability costs. c. shoeleather costs. d. menu costs.
On January 1, 2001, El Salvador "dollarized" its economy. The U.S. dollar circulated throughout the country along with the Salvadoran colon for the first year. By the end of 2002, the official currency circulating in the economy was the U.S. dollar. El Salvador abandoned its own currency and adopted the currency of the United States because:
A. the government would still be able to finance deficits by printing U.S. dollars, and inflation would be under control. B. the government would still be able to run deficits by printing money. C. with dollars, monetary policy would be more effective at offsetting demand shocks in the economy. D. the government would no longer be able to finance deficits by printing money, and inflation would be under control.