In general, pollution exists if
A. there are poorly defined common property rights.
B. profit-making activity is taken to an extreme.
C. people are unconcerned about the hazards associated with pollution.
D. there are poorly defined private property rights.
Answer: D
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Lisa prepared a delicious dinner for her friends after making the following purchases at the local supermarket. For which of the purchases would Lisa not be choosing among goods having product differentiation?
a. canned tomatoes b. fresh eggplant c. boxed spaghetti d. shredded cheese e. red wine
The economy is in a recessionary gap and there is complete crowding out. Furthermore, there is no evidence that the economy is in a liquidity trap or that investment is interest-insensitive. This makes the case for the use of __________ policy stronger than it might be otherwise
A) contractionary monetary B) contractionary fiscal C) expansionary fiscal D) expansionary monetary
________ refers to the implicit cost associated with the next best alternative in a set of choices available to decision-makers
A) Specialization B) Resource scarcity C) Opportunity cost D) None of the above
When a resource has a perfectly inelastic supply curve
A) the amount of economic rent for this resource is determined by its supply. B) the amount of economic rent for this resource is determined by demand for the resource. C) the amount of economic rent for this resource is determined by the government. D) there is no economic rent being earned by this resource.