What are the private costs of driving an automobile? What are the external costs?
What will be an ideal response?
The private costs include gas, maintenance, repair, depreciation, and insurance. External costs include the costs associated with air pollution, which include costs to clean cars and paint houses more often, increased health care costs, and the disutility of the air pollution.
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Credit cards are
A) money but are not a large part of the money supply. B) not money. C) money and are the largest part of the money supply. D) not money because they are not made of paper.
Beginning at the vertical axis intercept, as a consumer moves down the budget line, she will find that
a. the marginal utility per dollar spent on the vertical axis good decreases b. the marginal utility per dollar spent on the vertical axis good increases c. the marginal utility per dollar spent on the horizontal axis good increases d. the marginal utilities per dollar spent on both goods increase e. the marginal utilities per dollar spent on both goods remain constant along that particular budget line
What is the amount that individuals would have been willing to pay, minus the amount that they actually paid?
a. efficiency b. consumer surplus c. social surplus d. deadweight loss
Most of the dollars that foreigners have obtained because of our huge current account deficit
A. circulates in foreign countries. B. are used as reserves. C. are invested in the United States. D. are used to pay off old debts to the United States.