When the government pays for childhood vaccinations, it is
A. subsidizing an external benefit.
B. using taxes to discourage an external cost.
C. internalizing an external cost.
D. using direct regulation to discourage an external cost.
Answer: A
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Your grandfather tells you that he earned $7,000/year in his first job in 1961. You earn $35,000/year in your first job in 2016. You know that average prices have risen steadily since 1961. You earn
A) more than 5 times as much as your grandfather in terms of real income. B) less than 5 times as much as your grandfather in terms of real income. C) less than 5 times as much as your grandfather in terms of nominal income. D) 5 times as much as your grandfather in terms of real income.
Which of the following generate an income that would be excluded from the GDP of an economy?
a. A professional working in small start-up firm b. A person selling marijuana to patients with medical prescriptions c. A person selling electronic guides to tourists d. A farmer selling oranges to a fruit juice manufacturer
Three basic decisions must be made by all economies. What are they?
What will be an ideal response?
In this graph, what is the total loss?
a. $75
b. $80
c. $85
d. $90