One major criticism of giving foreign aid to developing countries is:
A. the recipients of aid oftentimes have nebulous goals that are not measurable.
B. there is little to no accountability once the funds have been dispensed.
C. much of the money may be embezzled or otherwise funneled away from its intended recipient.
D. All of these are major criticisms of foreign aid.
Answer: D
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A liability rule:
A. involves the use of taxes or fees to remedy negative externalities. B. involves the use of subsidies to remedy negative externalities. C. is a legal principle requiring a party who takes an action that harms others to compensate the affected parties for some or all of their losses. D. requires that victims of an externality pay a tax to the producers of the externality.
Suppose you pre-ordered a non-refundable movie ticket to X-Men: Apocalypse. On the day of the movie you decide that you would rather not go to the movie. According to economists, what is the rational thing to do?
A) You should go to the movie to maximize your utility. B) You should not waste resources. Since you have paid for the ticket you should watch the movie. C) Your should go to the movie to minimize your losses. D) Since the cost of the movie ticket is a sunk cost, it should not influence your decision. Your decision should be based solely on whether you want to see the movie or not.
Perfect Shots is company specializing in wedding photos and they have a fixed advertising budget. Perfect Shots advertises on the radio and the television and it costs $5,000 per unit of radio advertising and $15,000 per unit of television advertising. At their current advertising levels, the marginal benefit from radio advertising is $5,800 and the marginal benefit from television advertising is
$14,250. To optimally allocate their advertising budget, Perfect Shots should ________. A) increase the amount of advertising in radio and television B) increase the amount of advertising in radio and decrease the amount of advertising in television C) decrease the amount of advertising in radio and television D) decrease the amount of advertising in radio and increase the amount of advertising in television
Human wants
a. are unfilled only in the poorer countries of the world b. can be completely satisfied by adopting new production technologies c. can never be fully satisfied d. can be satisfied if they refer only to necessities e. exist only if we are selfish, irrational, or unwilling to modify how we produce goods and services