Which of the following programs is likely to increase the long run growth rate in US real GDP per person?
a. A program designed to give money to poor people with no strings attached.
b. A program to bailout unsuccessful companies.
c. A more efficiently designed patent system.
d. Items a, b, and c will all increase the long run growth rate in the US.
e. Items a and c will increase long run growth rates in the US, but item b will not.
c. A more efficiently designed patent system.
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In which of the following instances would the deadweight loss of the tax on cartons of cigarettes increase by a factor of 9?
a. The tax on cartons of cigarettes increases from $10 to $11.11. b. The tax on cartons of cigarettes increases from $10 to $20. c. The tax on cartons of cigarettes increases from $10 to $30. d. The tax on cartons of cigarettes increases from $10 to $90.
Under which of the following market structures would consumers likely pay the highest price for a product?
a. perfect competition b. monopolistic competition c. oligopoly d. monopoly