First-come, first-serve allocation schemes promote efficiency
Indicate whether the statement is true or false
True
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A $10 per-unit tax on cell phones raises the equilibrium price paid by consumers by $5. Before the tax, 5,000 cell phones were sold per year. The revenue from the tax is
A) zero. B) positive but less than $50,000 per year. C) $50,000 per year. D) more than $50,000 per year.
Assume that the central bank lowers the discount to increase the nation's monetary base. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to the current international transactions balance and monetary base in the context of the Three-Sector-Model? State your answer after the macroeconomic system returns to complete equilibrium
a. The current international transactions balance rises and monetary base rises. b. The current international transactions balance rises and monetary base falls. c. The current international transactions balance and monetary base fall. d. The current international transactions balance and monetary base remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
Positive externalities of technological change result from:
A. the common knowledge embodied in many technologies. B. patents. C. increasing returns to scale. D. capital accumulation.
Refer to the above figure. The figure shows the cost structure of a firm producing an information product. Which curve would represent the marginal cost for an information product?
A. Curve 1 B. Curve 2 C. Curve 3 D. none of these