Economic surplus is another term for which of the following?
a. efficiency
b. consumer surplus
c. social surplus
d. deadweight loss
c. social surplus
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A toll collected from each car traveling during rush hour on a congested road is an effective correction to the Tragedy of the Commons for all of the following reasons except the toll provides an incentive for commuters to
a. drive at times other than rush hour. b. use public transit rather than driving. c. drive more fuel-efficient cars. d. car-pool.
Some policies toward externalities provide incentives so that private decision makers will choose to solve the problem on their own. What name do we use for these types of policies?
Which of the following statements is true concerning income inequality?
A. Developed countries have greater income inequality than developing countries. B. The free market produces an unequal distribution of income. C. The government has no way to alter income inequality. D. Income is equally distributed in poor countries.
If a worker becomes unemployed because of an increase in the minimum wage, that worker is:
What will be an ideal response?