2) Assume that the government increases the property tax on rental apartments. We can say that in the long run the incidence of taxation will fall on: a. the community at large. b. low income families. c.the landlords. d. the tenants. e. we do not have enough information to determine the incidence of taxation in this case.
3) If people systematically fail to take into account some of the costs arising from their economic activities, the society will face a problem known in economics as: a. consumer surplus. b. producer surplus. c. externalities. d. selfish behavior. e. moral hazard.
4) If Darius has comparative advantage over Alexander in production of helmets, then in that production process: a) Darius must have higher opportunity cost than Alexander. b) Darius must have lower opportunity cost than Alexander. c) Darious and Alexander must have equal opportunity cost. d) any of the above. e) none of the above.
5) A job interviewer may rely on which one of the followings to address the asymmetric information and adverse selection issues regarding a job applicant? a. screening techniques. b. Reputation. c. Signals. d. All of the above. e. None of the above.
6) Which one of the followings may be subject to non-exclusion principle? a. a computer software. b. a movie recorded on DVD. c. a pay-per-view event. d. services of the Center for Disease Control. e. all of the above.
7) Which one of the followings could be an economic reason for a space exploration program financed by the government? a. To advance the science frontier. b. To aid the pharmaceutical industry. c. The positive externalities inherent in such program. d. All of the above. e. None of the above.
2) Assume that the government increases the property tax on rental apartments. We can say that in the long run the incidence of taxation will fall on: a. the community at large. b. low income families. c.the landlords. d. the tenants. e. we do not have enough information to determine the incidence of taxation in this case.
3) If people systematically fail to take into account some of the costs arising from their economic activities, the society will face a problem known in economics as: a. consumer surplus. b. producer surplus. c. externalities. d. selfish behavior. e. moral hazard.
4) If Darius has comparative advantage over Alexander in production of helmets, then in that production process: a) Darius must have higher opportunity cost than Alexander. b) Darius must have lower opportunity cost than Alexander. c) Darious and Alexander must have equal opportunity cost. d) any of the above. e) none of the above.
5) A job interviewer may rely on which one of the followings to address the asymmetric information and adverse selection issues regarding a job applicant? a. screening techniques. b. Reputation. c. Signals. d. All of the above. e. None of the above.
6) Which one of the followings may be subject to non-exclusion principle? a. a computer software. b. a movie recorded on DVD. c. a pay-per-view event. d. services of the Center for Disease Control. e. all of the above.
7) Which one of the followings could be an economic reason for a space exploration program financed by the government? a. To advance the science frontier. b. To aid the pharmaceutical industry. c. The positive externalities inherent in such program. d. All of the above. e. None of the above.
Unlock all answers
