Statement 1: Germany decides to tax U.S. wine coming into its country. As a result, German...
Statement 1: Germany decides to tax U.S. wine coming into its country. As a result, German producers of wine are able to charge higher prices for their German-made wine. Statement 2: This tax is an example of a tariff.
Statement (1) is false; statement (2) is true.
Statement (1) is true; statement (2) is false.
Both statements (1) and (2) are true.
Both statements (1) and (2) are false.
Statement 1: One characteristic of a public good is that it is not possible to exclude an individual from consuming (and benefiting) from a good even if he/she is unwilling to pay for the good. Statement 2: Police protection in a city would be an example of a public good.
Both statements (1) and (2) are false.
Statement (1) is false; statement (2) is true.
Statement (1) is true; statement (2) is false.
Both statements (1) and (2) are true.
Homework Answers
1. Both statements (1) and (2) are true.
(When tax is imposed on imports, it raises the domestic price of
the product and this tax is called a tariff.)
2. Both statements (1) and (2) are true.
(Public goods are non excludable meaning even a person who is
unwilling to pay for it, can't be excluded. Police protection is an
example of a public good.)
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