Which nation made the greatest commitment to establish permanent settlements in its colonization strategy?
a. England
b. France
c. Holland
d. Spain
a. England
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Air pollution is an external cost because it
A) is a pollution of the external environment. B) is a cost not borne by the producer of the good. C) benefits no one. D) is not associated with resource use. E) is created only when production occurs.
Rapid increases in military spending by the federal government without accompanying increases in real output could be a cause of cost-push inflation
a. True b. False Indicate whether the statement is true or false
Life insurance companies usually require applicants to have physicals and disclose information on their health. This practice is designed to address
a. a principal-agent problem. b. a moral-hazard problem. c. a problem involving hidden characteristics. d. all of the above are correct.
Suppose the government imposes a price ceiling above the equilibrium price of a given good. Which of the following is the most likely result?
A) Some other rationing device will emerge to allocate the good among buyers. B) Some buyers and sellers will be willing to risk breaking the law in order to exchange the good at a price above the equilibrium price since there would be a shortage of the good at the price ceiling. C) No change will occur in the market. D) Brute force will be used to allocate the good among buyers. E) a, b, and d