An advance in knowledge is
A. an innovation.
B. human capital accumulation.
C. an invention.
D. all of the above
Answer: C
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A possible solution to the problems of external benefits is
A) to tax those receiving the extra benefits. B) production of the good by government. C) effluent fees. D) to restrict the amount of the good through direct government regulation.
Inoculations of children against infectious diseases are
A) an example of an external benefit. B) an example of an external cost. C) dangerous for society. D) an example of a public good.
If a firm wished to maximize total revenues, it should produce where:
a. marginal cost is zero. b. marginal revenue is zero. c. marginal revenue is equal to marginal cost. d. marginal revenue is equal to price.
For which of the following would the income effect of a price change be greatest?
a. ballpoint pens b. air travel to Australia c. chewing gum d. haircuts e. college textbooks