Which of the following is NOT one of the main concerns about putting a high priority on economic efficiency? Demand reflects ability to pay and not solely marginal benefit. Incentives for efficiency can reduce innovation. Efficient results can be unfair. Efficiency focuses on outcomes, but means also matter.

Which of the following choices is an example of how technology has impacted the supply of goods?         supply curve         subsidies         regulations         assembly lines

Autarky is the state of self sufficiency.    True/False.

Describe two activities by the government that can cause allocative inefficiency.

Alec and Ellie are the only detectives in the town of Broadchurch. They work together. Assume efficient production. Each has 10 hours in a day to allocate between conducting interviews and completing paperwork. Alec takes 25 hours to complete one interview or 4 hours to complete one file of paperwork. Ellie takes 15 hours to complete one interview or 20 hours to complete one file of paperwork. What is Alec's Opportunity Cost of an interview in terms of files of paperwork? Enter a number only. Note: The question here is asking you for the opp. cost in terms of files so you can just enter a number. On the assessments if the question is phrased as "what is the opportunity cost?", you will have to enter the units as well, without which you will not get full credit.

A society must decide whether to produce more military goods or more consumer goods. This choice is referred to as "guns or butter." Which of the following is not an example of "guns or butter"?         The U.S. federal government cuts education funding in order to reallocate the funds to the military.         Australia distributes government funds to its military and social programs equally.         Denmark stays out of military conflicts in order to provide for its people rather than its army.         Germany's federal government gives additional funding to health care while reducing its military spending.

For each government action, indicate the type of government activity and justification. Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. a) New York City bans smoking in restaurants. ? Externality ? Public good ? Market regulation ? Redistribution b) Congress renews the food stamp program, which gives poor people access to groceries at a discount. ? Externality ? Public good ? Market regulation ? Redistribution Next> 23 of 67 < Prev W to search

Think about two public goods?public schools and food assistance for needy families. Consider the implications of the Tiebout model. Which of the goods is more efficiently provided locally? Which is more efficiently provided centrally? Explain.

Scarcity means what?           time and resources spent researching a cure for breast cancer are time and resources that could have been spent researching cures for lymphoma.     25 year olds might be more willing to start a family than 35 year olds.     government funding of federal programs equals the amount paid in taxes.     all consumers are assumed to have limited financial resources.     money flows in a circle.

Imagine that a town of 200 people is trying to decide whether to pay for mosquito control. The town has surveyed their citizens and they each say they value mosquito control at $75. Mosquito control only costs $2,500 so the town goes ahead and pays for the service. When the town asks for donations to pay for the mosquito control, they only receive $1,000. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The town's citizens were free riders. b The mosquito control suffered from the tragedy of commons. The mosquito control cost must have been greater than its economic benefit. d. The town's survey must have overestimated the value of mosquito control.