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Unformatted text preview: Homework Assignment 2 Penn State ECON 002 Principles of Microeconomics Clair Smith Name: ___ Michael Costa ____________ LAST 4 DIGITS OF PSU ID: _ 7422 _ Due in class on Wednesday 3/5/2008 ECON 2 Section: __ 001 _ Directions: Please type your name and section above, and responses (in boldface type) to questions 1-6. Print it out and turn in no later than class on Wednesday 3/5/2008. You may discuss these questions together in preparation, but you should ultimately draft your answers individually. You may draw the graph required for the last problem by hand after printing your other answers. 1. The party on whom a tax is initially levied describes the __ legal _______ incidence of that tax. 2. The situation where no one owns a resource (like fish in the ocean) and no one has an incentive to take care of or protect the long-term value of the resource (e.g. avoid overfishing) is incentive to take care of or protect the long-term value of the resource (e....
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- Spring '08