Corporations in the United States spend a lot of money to familiarize management with global markets. This should
A. Move the economy from a point on the production possibilities curve to a point inside it.
B. Have no effect on the economy's production possibilities curve.
C. Shift the economy's production possibilities curve inward.
D. Shift the economy's production possibilities curve outward.
Answer: D
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According to the textbook, government price controls fail because:
A. legislation cannot alter basic economic incentives. B. firms ignore the price controls. C. they are not enforced by government. D. bureaucrats lack accurate market data.
The additional cost incurred as a result of undertaking an action is: a. the opportunity benefit. b. the marginal benefit
c. the total cost. d. the marginal cost.
If demand is unit elastic and the labor supply is ________, the payroll tax is borne mostly by the employee.
A. perfectly elastic B. unit elastic C. very inelastic D. very elastic
Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Firm X ($/day)$500$514$530$555$585Cost to Firm Y ($/day)$400$420$445$480$520Cost to Firm Z ($/day)$300$325$360$400$550 Suppose the government requires each firm to reduce pollution to 2 tons of smoke per day, so that total daily smoke emission is 6 tons. The total cost to society of this policy will be ________ per day.
A. $59 B. $135 C. $230 D. $42