Micro Module 2 Homework (1).pdf - MODULE 2 HOMEWORK MICROECONOMICS(Submit answers in the required format to assignments dropbox There is no make-up for

Micro Module 2 Homework (1).pdf - MODULE 2 HOMEWORK...

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MODULE 2 HOMEWORK MICROECONOMICS (Submit answers in the required format to assignments dropbox. There is no make-up for missed homework assignments.) Chapter 4 And Instructor Notes To Government (Public) Sector 1). Which of the following is a function of the government sector? A) correcting externalities or spillover effects B) maintaining competition in markets C) redistributing income thru taxation and transfer payments D) all of the above 2). Refer to the above matrix. A public good is characterized by combination: 3). Refer to the above table. If your taxable income is $8,000, your average tax rate is: 4). External or spillover costs are borne by 5). A private sector economy includes the government sector. A) True. B) False. Rivalry Nonrivalry Excludability A B Nonexcludability C D Taxable income Total tax $ 0 $ 0 2000 200 4000 600 6000 1200 8000 2000 10,000 3000
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Page 2 Chapters 21 and 22 And Instructor Notes on International Sector 6). Which of the following result(s) in increased production of output with no additional resources used. A) tariffs B) quotas C) specialization D) none of the above 7). If one yen is equal to $.04, a Japanese good priced at 560 yen would cost an American: 8). If yesterday, $1 would buy 100 Japanese yen, but today $1 will only buy 50 yen, the 9). A change in the exchange rate of the dollar in terms of the yen from $1 = 100 yen to $1 = 50 yen will 10).Opportunity cost of production is directly used in determining A) tariffs between countries. B) comparative advantage in trade between countries. C) free trade zones D) none of the above 11). Using the following production possibilities tables, answer the question that follows.U.S. MEXICO PRODUCTION POSSIBILITIES TABLE PRODUCTION POSSIBILITIES TABLE A B C D A B C D paper (tons) 0 3 6 9 paper (tons) 0 5 10 15 apples (tons) 27 18 9 0 apples (tons) 75 50 25 0 Based upon the concept of comparative advantage, which of the following is true for the above production possibility tables?
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