A development bank
(a) accepts deposits from the poor.
(b) makes loans for industry expansion.
(c) is an agency such as the World Bank.
(d) all of the above.
(e) none of the above.
B
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Suppose an exhaustible resource can be sold only this period or next period. The resource owner is considering selling 100 tons of the resource this period
The future value of the resource when 100 tons are sold this period is less than the present value of the 100 tons sold this period multiplied by one plus the interest rate. What should the resource owner do? A) She should sell more than 100 tons this period. B) She should sell only 100 tons this period. C) She should sell less than 100 tons this period. D) She should not sell any of the resource in either period.
When a monopolist is able to price-discriminate: a. its profits tend to increase and its consumer surplus tends to fall. b. both its profits and consumer surplus tend to increase
c. both its profits and consumer surplus tend to decrease. d. its profits tend to fall and its consumer surplus tends to increase.
The average cost curve
a. is the vertical summation of the AFC and the AVC curves. b. lies below the AVC curve. c. lies below the AFC curve. d. is the vertical summation of the MC and AVC curves.
Social costs are
A. borne by individuals who incur them. B. borne by no one in society. C. the full cost borne by society whenever a resource use occurs. D. costs that are borne by the government.