The market for Pandas needed in zoos worldwide is an example of a monopoly created by what type of barrier?
a. license
b. economies of scale
c. control of an essential resource
d. none of the above, the market for pandas is not a monopoly
c
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A problem with pollution charges or taxes as a solution to pollution is that
A) people don't want the government to regulate industry. B) the necessary information about the polluting industry is costly and usually unavailable. C) taxes are already too high. D) pollution would still continue. E) the producers do not want the property right to their pollution.
Which of the following methods could be used to correct for external costs?
A) Impose a tax or an effluent fee on the offenders. B) Have the offender clean up the pollution it caused. C) Require firms in the industry to install pollution control devices. D) All of the above would be appropriate.
Suppose an American worker can make 50 pairs of gloves or grow 300 radishes per day. On the other hand, a Bangladeshi worker can produce 100 pairs of gloves or grow 200 radishes per day. Using the concept of absolute advantage, which of the following statements is true? The United States:
A. has the absolute advantage in the production of both gloves and radishes. B. does not have the absolute advantage in the production of either gloves or radishes. C. has the absolute advantage in the production of gloves, but not radishes. D. has the absolute advantage in the production of radishes, but not gloves.
A . If the government places a tax on land users, what will happen to the quantity of land supplied, if the supply of land is costless? What will happen to land rent? b. How will your answers to Part a . change if there are differential rents in the absence of the government tax?