If a country wants to promote future growth, it should
A) produce more capital goods today.
B) produce more consumer goods today.
C) produce only economic goods.
D) produce only needed goods.
Answer: A
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If general tax revenues were used to subsidize production of toothpicks, the government's actions would have
a. widespread benefits and costs b. widespread costs and concentrated benefits c. concentrated benefits and costs d. widespread benefits and concentrated costs e. widespread benefits and either widespread or concentrated costs
Which of the following policies addresses the problem posed by positive externalities?
A) a subsidy to the agent that generates the positive externality B) a tax on the agent that generates the positive externality C) limit the activity that generates the positive externality D) a subsidy to the agents that benefit from the positive externality
Which of the following ideas describes the concept of "utilitarianism"? I. Utilitarianism gained popularity in the 1930s. II. Utilitarians believed that a society should use only competitive markets to allocate resources. III
Utilitarians claimed that taking money from rich people and giving it to poorer people would make the economy more fair. A) III only B) II only C) I and II D) I, II and III
Using the market marginal revenue, firms in a cartel or engaged in tacit collusion should set ________ equal to ________ to maximize profit.
A) marginal revenue; marginal cost B) marginal cost; average total cost C) marginal revenue; average total cost D) price; marginal revenue