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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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