Who would be least inclined to engage in "feel good" foreign projects, which contribute minimal benefits to the poor but look impressive to outside observers?
A) Private investors
B) Foreign governments
C) International aid agencies
D) The World Bank
A
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Once the profit-maximizing output where MR = MC is determined, price is set by
A. adding a standard markup percentage to marginal cost. B. the demand curve. C. making it equal to MR = MC. D. subtracting the marginal cost from total revenue.
When negative externalities are present, it leads to an underallocation of resources in that area relative to that which is socially desirable
a. True b. False Indicate whether the statement is true or false
Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year.Last year, Christine's explicit costs were ________, and her implicit costs were ________.
A. $51,000; $40,000 B. $18,000; $40,000 C. $36,000; $140,000 D. $15,000; $43,000
If a union succeeds in forcing employers in a perfectly competitive product market to increase wages above the equilibrium level, then the level of unemployment
A) will increase. B) will remain constant. C) will decrease. D) may increase or decrease.