• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/27

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

27 Cards in this Set

  • Front
  • Back
When you specialize and trade according to comparative advantage, you compare what you can do relative to ______ and choose to produce the output that has the _________ opportunity cost.
other things you could do; lowest
Historically economists have agreed that free trade does all the following except:
helps all citizens
Trade enhances the economic well-being of a nation in the sense that
trade results in an increase in total surplus.
When a country allows trade and becomes an importer of a good,
domestic producers become worse off and domestic consumers become better off.
Workers displaced by trade eventually find jobs in
the industries in which the country has a comparative advantage.
When a country that imports a particular good imposes a tariff on that good,
consumer surplus decreases and total surplus decreases in the market for that good.
Refer to Fig. 9-15. For the saddle market, area B represents
none of the above
Refer to Fig. 9-14. When the country for which figure is drawn allows international trade in crude oil.
producer surplus changes from C to C+C+D (or something like that)
Fig. 16-1. The graph represents (tobacco industry graph)
negative externality
Fig. 10-1. The graph represents the tobacco industry. The industry represents
optimal price higher.
Which of the following represents a way that gov’t can help the private market to internalize or externalize
Both a and b are correct.
Negative externalities lead markets to produce
greater than efficient output levels and positive externalities lead markets to produce smaller than efficient output levels.
Suppose meat producers create a negative externality. What is the relationship between the equilibrium and the qua...
the equilibrium quantity is greater than social quantity.
Which of the following statements is not correct?
Without gov’t intervention, the market will tend to undersupply.
Which of the following policies is not an example of a command-and-control policy?
none of the above is an example of a command-and-control policy
Private solutions
transaction costs.
A command-and-control term
gov’t regulation
Which of the following NOT be considered private good?
cable TV service
The value and cost of goods are eased to determine when the goods are
private goods.
An overcrowded beach is an example of
a Tragedy of the Commons
Each of the following would be considered a common resource except
national defense.
A tax on gasoline often reduces road congestion because gasoline
and driving are complements.
Elephants are endangered, but cows are not because
elephants are a common resource, cows are...privately owned.
Which of the following goods is rival in consumption and excludable?
a can of Coca-Cola.
Private markets usually fail to provide lighthouses because
ship captains have incentives to use light houses without paying.
In a certain city, the gov’t is considering acquiring some land and turning it into a park (without any gates).
all of the above are correct.
When a good is excludable,
people can be prevented from using the good.