Suppose that your neighbor smokes in his yard. You can smell his cigarette smoke from inside your house, and you dislike the smell. Which of the following statements is correct?
A. There is no efficient solution to this problem.
B. If it is difficult for you and your neighbor to negotiate with each other, then you may not be able to arrive at an efficient solution to this problem.
C. Since your neighbor has the legal right to smoke in his yard, you will not be able to arrive at an efficient solution to this problem.
D. It not socially optimal for your neighbor to smoke in his yard.
Answer: B
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A) $90,000. B) $100,000. C) $60,000. D) $40,000. E) $50,000.
Under perfect competition
A. accounting profits are always zero in the long run. B. information about every possible economic opportunity is somewhat limited. C. the demand curve and the marginal revenue curve are identical. D. the firm has a limited amount of control over the market price.
Since the 1960s, some of the best examples of transition from developing to developed economies can be found in
A. Western Europe. B. East Asia. C. North America. D. West Asia.
The unemployment rate in an economy is 6%. The total population of the economy is 290 million, and the size of the civilian labor force is 150 million. The number of unemployed workers in this economy is:
A. 6 million B. 9 million C. 12 million D. 24 million