Economics Micro & Macro (CliffsAP)
Part III: Microeconomics ■ Provide public goods:Public goods exist because these goods could not be efficiently allocated in a p ...
The Impacts of Positive and Negative Externalities A negative externality is an example of market failure. In such a situation, ...
Figure 11-3 The graph in Figure 11-3 reveals the same result as the previous one, but for a different reason. In this scenario, ...
Figure 11-4 illustrates the impact of a positive externality on quantity and price. In our example, when Andy decided to get his ...
to “adopt” a certain portion of a highway. The adoption of the highway entails giving the paying party the responsibility to cle ...
of the population. The vertical axis measures real GDP in cumulative percentages. As you move up the vertical axis, the percenta ...
Taxation One way to reduce poverty is to increase the level of disposable income people have. Some economies adopt an approach t ...
■ Tragedy of the commonsis a phrase used to describe the ownership of resources such as air, trees, and water. ■ Externalities c ...
Income tax would fall under which of the following categories? A. Progressive tax B. Regressive tax C. Proportional tax D. Sale ...
13. Why would the government want to close the gap between the poor and the upper class? A. To increase payments to the economy ...
12. A.Spillover costs shift the burden of cost from the firm to society. This is also an example of a negative externality. 13. ...
International Economics Over the last 20 years, the world has become an increasingly interdependent group of countries. The new ...
Part III: Microeconomics Figure 12-1 The United States can operate efficiently on its production possibilities curve by trading ...
In Canada, one unit of wheat is equal to two units of candy; therefore, Canada would like to get one unit of wheat by exporting ...
Mini-Review What does a production possibilities curve illustrate? A. The inflation rate of a country B. The opportunity costs ...
Protecting Domestic Jobs The premise behind this idea is if foreign goods are kept out of the economy, more U.S. jobs will be pr ...
Effects of a Quota A quota has the following effects: ■ Transfer of revenue:A quota transfers revenue from the government to int ...
The downside is that while jobs and firms are being saved in the steel industry domestically, other industries will suffer from ...
What will happen to the price of a protected good after a quota? A. It will rise. B. It will fall. C. Depending on inflation, i ...
Financing international trade becomes a critical part of the value of the dollar. Because international trade involves the parti ...
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