Two goods that are substitutes are:
a. bacon and eggs.
b. camera and film.
c. tennis racket and tennis balls.
d. movie theater tickets and video rentals.
e. coffee and cream.
d
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Which of the following has been confirmed by empirical tests of the Ricardian model?
A) All predictions of the model for a multi-product, multi-country world are highly unrealistic. B) The existence of nontraded goods results in a high degree of specialization among countries. C) International trade has no impact on income distribution. D) The unimportance of economies of scale as a cause of trade. E) Companies tend to export goods in which they have a relatively high level of productivity.
Using three separate graphs of conventionally-shaped TSB and TSCfunctions show that these values indicate that the regulations outlined in the CAAA of 1990 are (i) efficient; (ii) too lenient; and (iii) too stringent.
According to the EPA’s prospective analysis of the 1990 to 2010 period, total social benefits (TSB) associated with the CAAA of 1990 are estimated at $690 billion ($1990) and the comparable total social cost (TSC) estimates are $180 billion ($1990).