Which of the following sets of goods might, under the right circumstances, be substitutes for an automobile?
A) Buses, trains, planes
B) Powerboats, blimps, motorcycles
C) Motels, tents, cardboard boxes
D) Designer suits, fine wines, fancy homes
E) All of the above.
E
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An excess benefit from corrective taxation arises because the tax revenues can be spent on compensation
a. True b. False
When, in our analysis of the gains and losses from international trade, we assume that a particular country is small, we are
a. assuming the domestic price before trade will continue to prevail once that country is opened up to trade with other countries. b. assuming there is no demand for that country's domestically-produced goods by other countries. c. assuming international trade can benefit producers, but not consumers, in that country. d. making an assumption that is not necessary to analyze the gains and losses from international trade.