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True or False
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1

In a "first-best" world all private incentives align perfectly with the benefits and costs to society as a whole.
A)TRUE
B)FALSE
2

External benefits are identified as an outcome where the social marginal cost of an activity exceeds the market price.
A)TRUE
B)FALSE
3

An import barrier is the best policy tool to help an infant industry.
A)TRUE
B)FALSE
4

The specificity rule says that policy measures that are most directly related to the gap between private and social incentives are best.
A)TRUE
B)FALSE
5

In a political system in which everyone voted directly, the majority would probably vote for trade barriers
A)TRUE
B)FALSE





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