People will tend to "internalize externalities" when
A) responsibility for the consequences of actions is more clearly assigned to the actors.
B) spillover costs and benefits become more common and widespread.
C) they calculate more carefully the marginal costs and marginal benefits of their decisions.
D) they feel less empathy for others.
A
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A Lorenz curve graphs the
A) percentage of income or wealth against the percentage of households. B) cumulative percentage of income or wealth against the cumulative percentage of households. C) cumulative value of income against the cumulative percentage of households. D) percentage of wealth against the percentage of income.
Refer to Figure 9-2. Without the tariff in place, the United States produces
A) 9 million pounds of rice. B) 15 million pounds of rice. C) 31 million pounds of rice. D) 42 million pounds of rice.
The fourth step of the four step process is to
a. identify the new equilibrium and then compare the original equilibrium price and quantity to the new equilibrium price and quantity. b. decide whether the economic change being analyzed affects demand or supply. c. draw a demand and supply model before the economic change took place. d. decide whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram.
With the elimination of the Civil Aeronautics Board (CAB), safety and quality are no longer directly regulated by government, instead, the incentive for airline safety and quality is driven by market reputation
Indicate whether the statement is true or false