From World War II through 2010, the United States experienced ________ recessions
A) 2 B) 5 C) 11 D) 15
C
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Consider a situation in which a utility company emits high levels of sulfur dioxide and the company is not liable for the damages its pollution causes
According to the Coase theorem, government action is ________ to achieve an ________ amount of pollution. A) not necessary; efficient B) necessary; efficient C) necessary; equitable D) not necessary; equitable
If the cross-price elasticity of demand between two goods is positive, we can assume that the two goods in question are:
A) complements. B) substitutes. C) inferior goods. D) totally unrelated to one another.
People with hidden health problems are more likely to buy health insurance than are other people. This is an example of
a. moral hazard and makes the cost of health insurance higher than otherwise. b. moral hazard and makes the cost of health insurance lower than otherwise. c. adverse selection and makes the cost of health insurance higher than otherwise. d. adverse selection and makes the cost of health insurance lower than otherwise.
The long-run average cost of producing 19 units of output is $56, and the long-run average cost of producing 20 units is also $56. These numbers illustrate:
A. diseconomies of scale. B. constant returns to scale. C. decreasing marginal productivity. D. economies of scale.