Refer to Table 1-2. Using marginal analysis, by how many hours should Thuy Anh extend her flower shop's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
C
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Suppose beer producers in Munich became aware of the low price of one barrel of beer in the domestic market relative to that in the United States. What will be the impact of this price difference?
a. Beer production in Munich will decline. b. Price of beer in the domestic market will increase. c. Beer production in the U.S. will increase. d. Beer consumption in the domestic market will increase.
Equality refers to how the pie is divided, and efficiency refers to the size of the economic pie
a. True b. False Indicate whether the statement is true or false
A local manufacturing plant that emitted sulfur dioxide was forced to stop production because it did not comply with local clean air standards. This decision provides an example of
a. a direct regulation of an externality. b. corrective taxes. c. a Coase theorem solution to an externality. d. the misuse of a subsidy.
In Figure 35.1, what is the opportunity cost of motorcycles in the United States?
A. 2 DVD players per motorcycle. B. 1/2 of a DVD player per motorcycle. C. 1/3 of a DVD player per motorcycle. D. 1 DVD player per motorcycle.