When airplanes take off and land at Logan airport, residents of East Boston complain about the noise. The same planes make the same noise during the trip to Boston from Paris, but there are no ____ for most of the trip because ____
a. jet sounds; noise doesn't travel at high altitudes
b. third parties; there are no externalities
c. externalities; there are no third parties
d. complaints; airplanes are insulated
e. free riders; passengers must pay to board the plane
c
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Public utilities have tended to be vertically integrated producers of electricity
Indicate whether the statement is true or false
A 20 percent increase in the wage rate induces firms in an industry to reduce quantity demanded for labor by 5 percent in the first year. Five years later we would expect, other things constant,
A) the reduction in the quantity demanded of labor to be much greater than 5 percent. B) the reduction in the quantity demanded of labor to be less than 5 percent. C) the reduction in the quantity demanded of labor to be about 5 percent. D) the quantity demanded of labor to be back to its original level.
The reward offered to households to refrain from spending their income on current consumption and instead save their income is
a. rent b. credit c. utility d. interest e. forgone utility
Management gets two numbers (price and quantity) from one decision because
a. the marginal utility of goods is fixed. b. producers use both technical and financial information. c. the demand curve consists of price and quantity pairs. d. the average cost curve has only one low point.