Taxes can be used to internalize negative externalities.
Answer the following statement true (T) or false (F)
True
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When there are diminishing marginal returns to labor, the marginal product of the last worker hired must be negative
Indicate whether the statement is true or false
The trough of a contraction is
A) the point in time at which the level of national business activity reaches a minimum before expanding again. B) the point in time at which the level of national business activity reaches a maximum before contracting again. C) the rate at which the level of business activity is declining. D) an external shock that causes economic activity to decline.
Sugar and honey are substitutes goods for many cooking applications. If the price of sugar rises, we would expect the
a. demand for honey to increase b. demand for honey to decrease c. quantity demanded of honey to decrease d. price of honey to decrease e. quantity demanded of honey to increase
The nation of Openia allows free trade and exports steel. If steel exports were prohibited, the price of steel in Openia would be ________, benefiting steel ________.
a. lower, consumers b. higher, producers c. lower, producers d. higher, consumers