If no beautification projects were undertaken in a city except by private individuals or firms, the city would almost surely be less beautiful than otherwise comparable cities because
A) aesthetic standards vary so widely.
B) it is extremely difficult to induce people to pay on a voluntary basis for the pleasure they receive from urban beautification projects.
C) people may enjoy beauty, but they are not willing to pay for it.
D) private individuals and firms generate more external costs than benefits.
B
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In the following table, Ireland's opportunity cost of producing one unit of wheat is
Potatoes and Wheat Output (tons per hour)
| COUNTRY | POTATOES | WHEAT |
| United States | 4 | 2 |
| Ireland | 3 | 1 |
Mr. Smith wants to buy a house in a certain neighborhood that he thinks is ideal for an elderly, single man like himself
However, before buying the house, he consults his friend who lives in the same neighborhood and thinks that it is the ideal place for him. This is an example of a(n) ________. A) confirmation bias B) attenuation bias C) attentional bias D) distinction bias
In the loanable funds market, an increase in wealth shifts the ________ loanable funds curve ________
A) supply of; rightward B) supply of; leftward C) demand for; rightward D) demand for; leftward
Laura's Pizza Place incurs $800,000 per year in explicit costs and $100,000 in implicit costs. The restaurant earns $1.3 million in revenues and has $5 million in net worth
Based on this information, what is the economic profit for Laura's Pizza Place? A) $200,000 B) $400,000 C) $500,000 D) $2.8 million