John has decided to watch the sunrise tomorrow morning. The sunrise is an example of
A) a good.
B) an economic good.
C) a service.
D) an economic bad.
Answer: A
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The goal of equity is fundamentally a positive issue
a. True b. False
Suppose that production of steel in the United States involves negative externalities. Now suppose that U.S. tariffs on steel imports are eliminated and U.S. imports of steel increase. What effect does the elimination of these tariffs have on total social costs associated with steel production in the United States?
a. Total social costs will increase. b. They will not change. c. They will decrease. d. They will increase butc. They will decrease. may be smaller than the private gains from increased steel imports.
Monopolistic competition is similar to monopolies in that
A. both have downward sloping demand curves. B. both have identical demand and marginal revenue curves. C. both make zero economic profits in the long run. D. both have unique products with no close substitutes.
Which of the following countries (or regions) produces the most output annually?
A. Japan. B. United States. C. Germany. D. China.