You are unable to sleep because your hotel room is right underneath the noisy air conditioning system. We would classify this situation as an
A. external cost.
B. internal cost.
C. external benefit.
D. internal benefit.
Answer: A
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Why do some workers lose their job when the minimum wage is increased?
A) The increase in labor costs decreases the supply of the product, thereby raising the price of the good so that the equilibrium quantity decreases to zero. B) The increase in the minimum wage decreases the quantity of labor demanded. C) The demand for labor is perfectly inelastic. D) The supply of labor decreases. E) The demand for labor is perfectly elastic.
In order for you to consider steak and lobster to be perfect substitutes, their prices per pound must be identical
Indicate whether the statement is true or false
The law of supply says that
a. supply and income are inversely related b. supply follows demand c. quantity supplied equals quantity demanded d. price and quantity supplied are inversely related e. price and quantity supplied are directly related
Refer to the table below. What is the economy's gross domestic product? In trillions of dollarsConsumption5.2Investment2.7Government Purchases2.6Transfer payments0.6Exports0.6Imports0.6
A. $11.7 trillion B. $10.5 trillion C. $12.3 trillion D. $11.1 trillion