Inoculation programs against certain diseases such as small pox, polio, and whooping cough create
a. public goods.
b. positive externalities in consumption.
c. nonrival goods.
d. nonexcludable goods.
e. external costs to society equal to the costs of the program.
B
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In a competitive market, when price is below the equilibrium price, there will be pressure for the price to:
A) fall. B) stay the same. C) rise. D) change only if demand and/or supply change.
Why do some markets have more firms than others?
What will be an ideal response?
A nation's comparative advantage in the production of an item is determined by:
A. wage rates and other input costs. B. the total and marginal costs of producing the item. C. the opportunity cost of producing the item relative to a trading partner's opportunity cost. D. which country has already specialized in the production of the item.
Any change that affects the entire schedule relating the quantity of labor and the value of the marginal product of labor will ________, assuming all else equal
A) cause the labor demand curve to become vertical B) shift the labor demand curve C) cause a rotation in the labor demand curve D) be caused by a change in the wage rate