Which of the following is NOT an example of a negative externality?
A) inoculation against disease
B) pollution
C) playing a boom box loudly in a crowded park
D) rush hour traffic
A
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What are diseconomies of scale and why might they occur?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. Labor includes the physical efforts of individuals and groups, but not their mental efforts. 2. Functional distribution has to do with the allocation of total production among the resources. 3. Goods used to produce other goods and services are known as capital. 4. All economies in the world have identical methods of functional distribution.
If the dollar depreciates against the Indian rupee
A) The value of Indian imports to the United States does not change. B) Indian imports to the U.S. become less expensive. C) U.S. exports to India become more expensive. D) U.S. exports to India become less expensive.
If a good has an absolute price elasticity of 2, the demand for the good is
A) unit elastic. B) inelastic. C) perfectly elastic. D) elastic.