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Question
To find social costs,
A) internal and private costs have to be added together.
B) internal and external costs have to be added together.
C) internal and implicit costs have to be added together.
D) internal and production costs have to be added together.
Answer
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Related questions
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The purpose of an effluent fee imposed on a firm isA) to increase output of its product by increasing the resources allocated to production.B) to increase output of its product by reducing the resources allocated to production. C) to reduce output by increasing production costs thereby reducing resources used. D) none of the above
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Refer to the above figure. Other things being equal, when the government imposes a price floor at P2, then we would expectA) the quantity demanded is Q 2.B) a surplus will occur.C) price to decline until an equilibrium is achieved at P0.D) consumers to bid against each other for goods and force the price even higher.
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Economic growth can be pictured in a production possibilities curve diagram byA) shifting the production possibilities curve in. B) shifting the production possibilities curve out.C) making the production possibilities curve straighter.D) moving from a point inside the production possibilities curve to a point on the curve.
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The exchange rate for a foreign currency that is determined by supply and demand isA) a fixed exchange rate. B) a controlled exchange rate. C) a constrained exchange rate. D) a flexible exchange rate.
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Markets tend to underallocate resources to the production of a good whenA) there are negative externalities. B) there are positive externalities. C) there are public goods produced. D) equilibrium occurs.
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Which of the following statements is FALSE?
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Assume that coffee and tea are substitutes. Given a downward sloping demand curve for tea, an increase in the price of tea will causeA) an increase in the demand for coffee. B) a decrease in the demand for coffee.C) a leftward shift of the demand curve for tea. D) a leftward shift in the demand for coffee.
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Discuss the relationship between world trade and world Gross Domestic Product (GDP) since the early 1950s.
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The United Statesʹ balance of payments is likely to improve whenA) there is an increase in political instability in other countries.B) the inflation rate in the United States rises relative to other countries.C) the American government increases its spending on foreign aid. D) American people want to invest more in foreign countries.