Which of the following government actions can hinder the economic development of a country?
A. It inhibits the growth of the financial and banking sector.
B. It implements policies that increase inflation rates in a country.
C. It adopts policies that effectively tax exports.
D. All of these are correct.
Answer: D
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The price of a shirt is $20. Charlie can produce a shirt at a marginal cost of $10, Mac can produce a shirt for $18, and Dennis can produce a shirt for $22
For a shirt, Deandra has a marginal benefit of $25, Frank has marginal benefit of $20, and Artemis has a marginal benefit of $18. Which of the following statements is correct? A) The sum of consumer surplus is $5 and the sum of producer surplus is $12. B) The sum of consumer surplus is $12. C) Only Frank and Artemis will purchase a shirt. D) Only Dennis will produce a shirt. E) The sum of producer surplus is $10.
If income were distributed equally our economic _________ would suffer.
Fill in the blank(s) with the appropriate word(s).
A benefit that accrues without compensation to someone other than the person who caused it is called:
A. an external benefit. B. a network benefit. C. a social benefit. D. a private benefit.
Goods that are subject to excludability provide examples of private goods.
Answer the following statement true (T) or false (F)