A business organization that employs resources to produce goods and services for profit is
A) economic rent.
B) a firm.
C) inside information.
D) the opportunity cost of capital.
B
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Prices usually reflect
a. only the value of a good to society. b. only the cost to society of making a good. c. both the value of a good to society and the cost to society of making the good. d. neither the value of a good to society nor the cost to society of making the good.
The world's population is increasing for many reasons. Which reason seems plausible, but is NOT currently contributing to population growth?
a. increased agricultural productivity b. increased birth rates c. decreased mortality rates d. improvements in health care
In the case of a positive externality, in order to achieve efficiency the government must set the _________________ equal to the marginal ____________________
A) tax; external costs B) tax; external benefits C) subsidy; external costs D) subsidy; external benefits E) subsidy; private costs
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.