Alternate Outputs from One Day's Labor Input: United States: 12 bushels of wheat or 3 yards of textiles. Great Britain: 3 bushels of wheat or 12 yards of textiles. The opportunity cost of one bushel of wheat in Great Britain is
a. 1 yard of textiles
b. 3 yards of textiles.
c. 12 yards of textiles.
d. 4 yards of textiles.
d
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Under perfect price discrimination,
a. equilibrium quantity and consumer surplus are the same as under perfect competition b. equilibrium quantity is greater and consumer surplus is the same as under perfect competition c. equilibrium quantity and consumer surplus are less than under perfect competition d. equilibrium quantity is the same but consumer surplus is less than under perfect competition e. equilibrium quantity is less but consumer surplus is the same as under perfect competition
The Tragedy of the Commons will be evident when a growing number of sheep grazing on the town commons leads to a destruction of the grazing resource. To correct for this problem, the town could
a. allow individual shepherds to choose their own flock sizes. b. internalize the externality by subsidizing the production of sheep's wool. c. auction off a limited number of sheep-grazing permits. d. wait until the market corrects the problem.
Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars SoldTrucks SoldLarry105Joe99Ralph312 Based on last month's data, Joe's opportunity cost of selling a car is ________ than Ralph's, and Joe's opportunity cost of selling a car is ________ than Larry's.
A. less; greater B. less; less C. greater; greater D. greater; less
An In the News article titled "State Lotteries: a Tax on the Uneducated and the Poor" reports that poor people spend a larger percentage of their income on government-promoted gambling than do rich people. On the basis of this information, we can conclude that lotteries function as
A. A progressive tax. B. A property tax. C. An income tax. D. A regressive tax.