Assume that Spain can produce a commodity using fewer resources than any other country. Spain will export this commodity even if other countries have a lower opportunity cost of producing it

Refer to Figure 4.8. If half of your friends go to the beach and half go to the park, you will receive a payoff of ________ if you go to the park

A) 0 B) 250 C) 500 D) You cannot determine the payoff from the data in the figure.

Economists have shown that the burden of a tax is the same whether the tax is collected from the buyer or the seller. Why, then, are gasoline and cigarette taxes imposed on sellers?

A) It is more difficult for buyers to keep track of their purchases, and for the government to verify that the right of amount of tax revenue is collected. B) Sellers are more honest than buyers. C) The demand for both gasoline and cigarettes is very elastic. D) The Equal Protection Clause of the U.S. Constitution prohibits the government from imposing taxes like these on buyers.