The benefit from a good experienced by people who do not decide how much of the good to produce or consume is called a(n):
A. public benefit.
B. private benefit.
C. external benefit.
D. consumption benefit.
Answer: C
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Assume for Guatemala that the domestic price of coffee without international trade is higher than the world price of coffee. This suggests that
a. Guatemala has a comparative advantage over other countries in the production of coffee, and Guatemala will export coffee. b. Guatemala has a comparative advantage over other countries in the production of coffee, and Guatemala will import coffee. c. other countries have a comparative advantage over Guatemala in the production of coffee, and Guatemala will export coffee. d. other countries have a comparative advantage over Guatemala in the production of coffee, and Guatemala will import coffee.
Refer to Scenario 12.2. The ideal mixed strategy for Eliza has her donating her kidney with ________ probability
A) 15% B) 25% C) 45% D) 75%
The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for tea after severe weather destroys a large portion of the coffee crop?
A) Graph A B) Graph B C) Graph C D) Graph D
When the price system fails to generate an efficient allocation of resources
A) the market will always correct it. B) consumers will spend less. C) business will produce more. D) too few or too many goods will be produced.