Define X = exports, M = imports, S = saving, I = investment, T = net taxes, G = government expenditure. Which of the following formulas is correct?
A) X - M = S - I - T - G
B) X - M = S - I + T - G
C) X - M = S + I + T - G
D) X - M = S + I -T + G
E) X - M = S + I +T + G
B
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The figure above provides information for a factory that produces chemicals that pollute a waterway. The waterway is used by water skiers. If the waterway is owned by a water ski club and the Coase theorem applies, then the factory will produce ________ tons of chemicals a week.
A) 1 ton B) as many tons as possible C) 3 tons D) 5 tons
According to Figure 3.2, the marginal product of labor
a. falls short of the real wage at point b. b. is higher at point a than at point e. c. equals the real wage at point c. d. All of the above e. None of the above.
Which of these activities will most likely result in an external benefit?
a. Ted purchases a dilapidated house and cleans up the yard and exterior of the house. b. Tim purchases an iPhone and downloads new apps. c. Terri purchases a new SUV and drives it to work every day. d. Thomas purchases a suit and wears it on his interviews.
If duopolists individually pursue their own self-interest when deciding how much to produce, the profit-maximizing price they will charge for their product will be
a. less than the monopoly price. b. equal to the perfectly competitive market price. c. greater than the monopoly price. d. possibly less than or greater than the monopoly price.