A final good is one that
A) is used in the production of another good.
B) is a natural resource used to produce a good.
C) is purchased as an input in the production process.
D) is purchased by its final user.
Answer: D
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Direct controls are generally much more costly than emissions taxes because
A. under direct controls emissions cutbacks are usually not apportioned among the firms on the basis of their ability to reduce pollution cheaply and efficiently. B. emissions tax per unit of output is higher than the per-unit direct control program cost. C. government cannot legally levy emissions taxes that are as high. D. firms disregard emissions taxes.
If a firm goes bankrupt, the bondholders will get paid back before the stockholders get any money.
Answer the following statement true (T) or false (F)
If the price level falls, what will happen to the aggregate supply curve?
a. It will shift outward. b. It will shift inward. c. Nothing. d. It will get steeper. e. It will get flatter.
Sam lives next to The Party Pub and its outdoor "beer garden" that features live music. An economics major, Sam considers this a positive externality. Dave, another economics student, lives next to The Party Pub too, but he considers the music a negative externality. Which student, if either, is correct? Why?