Economics is the only social science and the only business discipline for which the Nobel Prize is awarded.
a. True
b. False
True (Nobel prize in economics won by Angus Deaton)
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Indirect taxes are levied on specific economic activities
a. True b. False Indicate whether the statement is true or false
Define the following terms and explain their importance to the study of economics
a. pure monopoly b. barriers to entry c. patent d. natural monopoly e. sunk costs
Straker Industries estimated its short-run costs using a U-shaped average variable cost function of the formAVC = a + bQ + cQ2and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000. 
If Straker Industries produces 20 units of output, what is estimated short-run marginal cost (SMC)?
A. $2,348 B. $1,348 C. $463.20 D. $171.40
Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Firm X ($/day)$500$514$530$555$585Cost to Firm Y ($/day)$400$420$445$480$520Cost to Firm Z ($/day)$300$325$360$400$550 If pollution is unregulated, then total daily smoke emission will be ________ tons.
A. 8 B. 9 C. 4 D. 12