Consider four possible benefits of a water resources project: I. Provides employment to construction workers currently building houses. II. Provides electric power to the market. III. Provides reduced flood risk to individuals living along the river. IV. Raises the profits of MacDonald's stands in the area which serves construction workers. Which of these are true social benefits of the project?
a. All of them
b. I, II, and III, but not IV
c. I and III, but not II and IV
d. II and III, but not I and IV
d
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An individual's need for liquidity would increase if
A) the average value of transactions carried out by the individual fell. B) the average value of transactions carried out by the individual rose. C) the individual got a raise. D) the individual received a new ATM card. E) the individual wanted to avoid risks.
If demand is unit elastic, an increase in price will lead to an increase in total revenue
Indicate whether the statement is true or false
If a certain market were a monopoly, then the monopolist would maximize its profit by producing 4,000 units of output. If, instead, that market were a duopoly, then which of the following outcomes would be most likely if the duopolists successfully collude?
a. Each duopolist produces 4,000 units of output. b. Each duopolist produces 1,500 units of output. c. One duopolist produces 2,400 units of output and the other produces 1,600 units of output. d. One duopolist produces 3,000 units of output and the other produces 1,500 units of output.
Other things constant, an increase in the demand for motorcycles will
a. decrease the price of motorcycles. b. decrease the quantity of motorcycles bought and sold. c. decrease the demand for motorcycle workers and lower their wages. d. increase the demand for motorcycle workers and increase their wages.