If two groups disagree about a policy, a smaller group that experiences higher benefits per person can be:
A. as successful as a larger group with smaller benefits per person, but typically not more.
B. more difficult to bargain due to the small size of the group.
C. the one more likely to get its way.
D. the one less likely to get its way.
Answer: C
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Elasticity along a downward sloping linear demand curve
A) is constant and equal to the slope of the curve. B) is constant and equal to the slope times the ratio of price to quantity. C) changes along the curve. D) does not vary with price unless the good is expensive.
Suppose that Canada can produce 15 timber or 3 film and Mexico can produce 9 timber or 3 film. Suppose that opportunity costs are constant. Which of the following is FALSE?
A) Canada has an absolute advantage in timber production. B) Mexico has a comparative advantage in film production. C) The opportunity costs for producing timber are lower in Canada than in Mexico. D) Canada and Mexico would find trade mutually advantageous at a ratio of one unit of film to six units of timber.
Which of the following statements is false?
A) Real GDP is the quantity of goods and services valued in base-year prices or base-year dollars. B) "Aggregate demand" and the "quantity demanded of Real GDP" are the same. C) According to the aggregate demand (AD) curve, the quantity demanded of Real GDP and the price level are inversely related. D) Real GDP is denominated in current-year prices. E) b and d
Congestion pricing
A. is a tax. B. keeps nasal passages clear. C. is never efficient. D. all of these answer options are correct.