An example of an external cost of tobacco is
A. increase life insurance premiums of smokers.
B. cigarette burns on the furniture of smokers.
C. unnecessary deaths induced by second-hand smoke.
D. matches.
Answer: C
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Recall the Application. The experiment conducted by Blinder showed that the actual process of having committee meetings and discussions
A) improved the group's overall performance. B) tended to polarize the group into two distinct factions. C) magnified the individual group member's differences. D) related to the average performance of the individual group members.
The cost of an action is
A) indeterminate from a strictly economic point of view. B) the value of the next-best alternative opportunity sacrificed C) the cost to the consumer plus the cost to the producer. D) the number of consumers needed to set the price. E) measured only in money.
The lesson learned from the discussion about kibbutzim in your textbook is that organizations which are controlled by people who place a low value on acquiring material things
a. do not maximize profit b. only produce enough to survive c. cannot compete in a capitalist society d. have religious convictions against profit e. still maximize profit
The earliest beginning of the European Union was the:
A) Maastricht Treaty. B) Treaty of Rome. C) Paris Accord. D) Louvre Accord.