The external costs associated with tobacco are estimated to be approximately
A. nonexistent.
B. $5 a pack.
C. $1 a pack.
D. 10 cents a pack.
Answer: C
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Any point on the aggregate demand schedule must also be
A) a point that clears the market for real money balances. B) a combination of real interest rates and income where aggregate desired expenditures is in balance. C) a point where money demanded is equal to money supplied. D) all of the above.
Refer to the above figure. The equilibrium price and quantity are
A) $2 and 12 units. B) $6 and 9 units. C) $8 and 6 units. D) $10 and 1 unit.
The substitution effect in the labor supply decision refers to
a. substituting leisure for work as the wage rate rises b. substituting market work for nonmarket work as the wage rate falls c. working more hours as the wage rate falls d. working fewer hours as the wage rate rises e. substituting market work for leisure or nonmarket work as the wage rate rises
Opportunity cost includes a. monetary costs only
b. non-monetary costs only. c. both monetary and non-monetary costs. d. neither monetary nor non-monetary costs.