The table above shows information about the costs and benefits of a steel smelter that pollutes the air of a city
If the marginal external cost is $10 per ton at every quantity of steel produced, the equilibrium quantity when the steel industry is unregulated is ________ tons per week. A) 5
B) 15
C) 20
D) 25
C
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If Californians increase their purchases of Italian wine, assuming all else remains constant, this will ________ of the United States
A) decrease the balance of payments B) increase the current account balance C) increase net exports D) decrease the balance of trade E) decrease the trade deficit
The worldwide trend is for populations to be increasingly:
a. Mobile and urban b. Insular and stay at home c. Spread out rural to seaside d. Northern moving because of global warming
All production involves an opportunity cost because
a. to produce costs money b. costs of production are sky rocketing c. to produce more of one thing, we must produce more of everything d. to produce more of one thing, we must produce less of something else e. when an individual obtains more of a good, he may not be fully satisfied
Suppose that your demand schedule for jeans is shown in the table below.
A) Your total utility from 5 pairs of jeans would be _____.
B) Your marginal utility for the fifth pair would be _____.
C) If the price of jeans were $10 a pair, your consumer surplus would be _____.