Robert Iwasaki lives next door to a toxic waste landfill. Katie Cooley lives five miles downstream from a steel plant that dumps waste into Mill Creek. Which person is more likely to press public officials for a cleaner environment?
a. Katie
b. Robert
c. neither
d. both equally
e. Economics cannot answer this question
B
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The functions of money are
A) medium of exchange, unit of account, and store of value. B) medium of exchange, the ability to buy goods and services, and the ability to pay off debts. C) medium of exchange, the ability to buy goods and services, and checking accounts. D) credit cards, checking accounts, currency, and coins. E) store of value, use as a barter mechanism, and unit of account.
There are 6 firms in a market and the market shares of the firms are 40 percent, 30 percent, 10 percent, 8 percent, 7 percent, and 5 percent. The four-firm concentration ratio is equal to
A) 2738. B) 2664. C) 100. D) 88.
Four roommates share an off-campus house and equally share the cost of rent. Everyone says that she values a clean house, yet the house is usually dirty. To an economist, a clean house in this case represents
a. a common resource problem. b. a public good. c. a club good. d. All of the above are correct.
When price is above marginal cost, selling one more unit at the current price will increase profit. This concept is known as the
a. income effect. b. price effect. c. output effect. d. cartel effect.