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34. In the final phase of benefit-cost analysis, one of the steps that is generally conducted is
A. to compare time-adjusted benefits to zero
B. to compare time-adjusted costs to unity
C. to determine if PVB and PVC are inversely related
D. to determine if an option is feasible
1. If it is not possible to prevent others from sharing in the benefits of a good's consumption, we say that the good
A. is an economic bad
B. is non-rival in consumption
C. has the characteristic of no-excludability
D. is a private good
1. Theoretically, the market demand for a public good is found by
A. vertically adding the MEC and MPC functions
B. overcoming free-ridership and vertically summing the price responses for each quantity
C. adding horizontally the marginal benefits received by each consumer at every price level
D. summing the quantities each person is willing and able to buy at each and every price
Recycling efforts such as those exemplified by BMW's Design for Disassembly (DFD) program
A. permanently diminish the flow of residuals back to nature
B. are not represented in the materials balance model
C. represent short-term conversion of residuals into recycled materials or goods
D. reduce the amount of wastes returned to nature in the long-run
Suppose the relationship between the government's tax revenue (T) and national income (Y) is represented by the equation T=35+0.5Y. Plot this relationship on a scale diagram, with Y on the horizontal axis and T on the vertical axis. Interpret the equation.
Use the line drawing tool to draw the equation. Make sure to plot the vertical axis as one endpoint of the line. Properly label this line.
Carefully follow the instructions above, and only draw the required objects.
Can you show me how to graph this, please?
As announced in the 2021-2022 National Budget, the Fijian Government is supporting formal and informal sector employees on Viti Levu who are affected by the pandemic through monthly payments of $120 for a period of six months (August 2021 – January 2022). The Fiji Sun dated 23rd August, 2021 reports “Attorney-General and Minister for Economy yesterday tweeted that: “Days ahead of schedule, we have met the once-in-a-century COVID-19 crisis with one of the largest assistance payouts in history. $72m was paid in unemployment benefits to 200,000 Fijians. In the coming days, we’ll reach 60,000 more bringing the total payout to around $94m.”
As an economist you are trying to assess this COVID-19 benefit scheme.
1. Environmental economics
A. is concerned mainly with the residual flow from economic activity back to nature
B. focuses on the flow of resources from nature to economic activity
C. recognizes that the flow of residuals back to nature is preventable
D. focuses on fossils and organism markets
2. Recycling efforts such as those exemplified by BMW's Design for Disassembly (DFD) program
A. permanently diminish the flow of residuals back to nature
B. are not represented in the materials balance model
C. represent short-term conversion of residuals into recycled materials or goods
D. reduce the amount of wastes returned to nature in the long-run
1. Which of the following is NOT a characteristic of a private good?
A. rivalry in consumption
B. benefits of consumption are non-excludable
C. consumption of the good precludes consumption by another individual
D. the benefits to a consumer of consuming the good are exclusive to that individual
2. Horizontal summing of individual demands yields
A. the market demand for a private good
B. the market supply of a private good
C. the market demand for a public good
D. the market supply of a public good
You are the owner of a car dealership and you practice “no haggle” sales policy. Last year, you made a record profit of GHC 1.5 million. Your dealership competes in a market with price elasticity of demand of -1.3. Your marginal cost is GHC 12000. How much should you charge to maintain your record profit?
Two firms in a homogeneous-product duopoly market (firm 1 and firm 2) have the following cost and demand functions: TC1=4q1; TC2=4q2 and Q=40-P; Q=q1+q2. a) Derive the reaction function/best-response function for each firm. b) Assume that the firms play a simultaneous move game. Characterize the Nash Equilibrium. c) Suppose the two firms play game is a sequential game with the following timing of events: 1. Firm 1 chooses output 2. Firm 2 observes firm 1’s output and then chooses output Characterize the Nash equilibrium of this sequential move game.
