Which of the following is NOT an example of a way that the government interferes in the economy?
A. Local governments impose building codes on newly constructed office buildings or factories.
B. The government tells Apple what kind of phones chips to make.
C. The government requires everyone to get an elementary and high school education.
D. The government sets laws and rules for how mortgages are issued.
Answer: B
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Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that we observe Joe staying open 6 hours per day
If he is following the marginal principle, what must his marginal cost per hour be? A) $16 B) $24 C) $32 D) $48
Explain what an entrepreneur is and its function
What will be an ideal response?
A nonexcludable public good is
A. nonrivalrous in consumption. B. rivalrous in consumption. C. asymmetric. D. a good for which it is impossible (or prohibitively costly) to exclude someone from receiving the benefits of its services. E. a and d
Average-cost pricing for a natural monopoly will: a. result in the socially efficient level of output
b. result in a less than socially efficient level of output. c. result in a greater than socially efficient level of output. d. result in the firm suffering economic losses.