The benefit received from the continuance of an environmental good is called
a. user value c. existence value
b. stewardship d. vicarious consumption
c. existence value
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Water is essential to life, while diamonds are not. However, water is cheap and diamonds are expensive. This paradox can be resolved by focusing on:
A) total utility rather than average utility. B) average utility rather than marginal utility. C) marginal utility rather than total utility. D) total utility rather than marginal utility. E) average utility rather than total utility.
The developing world has been adamant that rich nations abandon farm subsidies in order to get a global trade deal both sides say they want.
Answer the following statement true (T) or false (F)
Which is an example of a market failure?
A. The price of medical care has risen dramatically as a result of the introduction of sophisticated equipment and techniques. B. Polio shots and chest x-rays provide widespread benefits to the community as a whole as well as to the individuals who get them. C. Extensive decreases in the prices of electronic equipment resulted in large numbers of bankruptcies in the computer industry. D. There are not enough tickets available to concerts of extremely popular performers.
Assume that the income effect dominates the substitution effect. When workers experience a ________ price surprise, they ________ perceive that their real wage rate has ________, which leads them to work fewer hours.
A. negative; incorrectly; risen B. negative; correctly; fallen C. positive; correctly; risen D. positive; incorrectly; risen