externalities
the social-cost curve is ____ the supply curve
above
total taxes paid/total income
In an oligopoly market structure:
few firms dominate
name the 3 factors of production
labor, land, capital
the subfield of economics that develops tools to analyze data, the study of the statistical methods that are useful for understanding the economy.
econometrics
private cost, external cost
In a regressive tax system, who bears a greater burden relative to their income?
low- incomers
real life example of a monopoly and oligopoly
tap water, cable tv
xbox/playstation
MPL is calculated by...
MPL= change in Q/change in L
what two groups are used for randomized controlled trials.
treatment group
control group
To internalize a negative externality, an appropriate public policy response would be to _______.
tax the good
Which tax system is often considered to promote income equality?
Progressive
VMPL formula....
P x MPL
What type of data? Panel, Cross-Sectional, Time series
Data on wages for all NBA players over the last 10 years.
Panel data
To internalize a positive externality, an appropriate public policy response would be to _______.
subsidize the good
What is a lump-sum tax?
Same amount of tax for every person, regardless of income.
In a duopoly where both firms choose low prices, even though both could earn more by choosing high prices, this is an example of:
Nash Equilibrium
the retirement of baby boomer auto workers would do what to S or D in labor market.
shift supply left
Data on a group of workers regarding their profession, wage, education, and work experience.
Cross-sectional data
name 2 ways government can remedy the inefficiencies caused by externalities.
-regulating behavior
-corrective taxes
-issuing permits
Federal Tax Annually?
how much of revenues goes to taxes? (a fraction)
5 T
1/3
What is the primary goal of the Sherman Antitrust Act?
prevent monopolies and promote competition
VMPL what does it actually stand for.
value of the marginal product
A marketing company wants to find out if BOGO deals will induce consumers to spend more money in a specific store. They send the BOGO offer to half of their customers and dont send it to the others. What type of data is this?
Experimental data