Which of the following is true for taxes? They
A) are always administered fairly.
B) are a necessary part of living in an economy with a fair distribution of income.
C) are always administered without creating unfairness or inefficiency.
D) are an involuntary transfer of private property.
E) do not create a big tradeoff problem.
D
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The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel
If the market is competitive and unregulated, the equilibrium quantity of steel is ________ tons and the efficient quantity of steel is ________ tons. A) 2; 2 B) 2; 4 C) 4; 2 D) None of the above answers is correct.
An indifference curve diagram has movies on the vertical axis and sodas on the horizontal
As the consumption of sodas increases and movies decreases (moving southeast along an indifference curve) the marginal rate of substitution of sodas for movies A) rises. B) falls. C) does not change. D) probably changes, but more information is needed to determine if it rises or falls.