A retail shop has an outside display which has the time and temperature that is always correct. This is an example of
A. a negative externality.
B. a positive externality.
C. an interference in the workings of the price system.
D. a breakdown in communication between the shop and its customers.
Answer: B
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The short-run aggregate supply curve is vertical
Indicate whether the statement is true or false
Using the above table, the marginal utility for the sixth glass of water is
A. -5 utils. B. 5 utils. C. 260 utils. D. 255 utils.
Suppose the price of gasoline is $3.50 per gallon, the quantity of gasoline demanded is 150 billion gallons per year,
the price elasticity of demand for gasoline is -0.06, and the federal government decides to increase the excise tax on gasoline by $1.00 per gallon, which increases the price of gasoline by $0.75 per gallon. What is the new equilibrium quantity of gasoline demanded after the tax is imposed? A) 109.72 billion gallons per year B) 127.25 billion gallons per year C) 148.27 billion gallons per year D) 161.61 billion gallons per year
According to Adam Smith's invisible hand principle, productive actions that promote the general welfare of society will be undertaken when
a. political representatives are elected democratically. b. competitive markets direct the actions of self-interested individuals. c. the selfish instincts of individuals are controlled. d. workers are able to organize and develop strong unions.