A tax on an imported good is a(n)
A) quota.
B) export.
C) tariff.
D) subsidy.
C
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An economic agent ________ when he accounts for the full costs and benefits of his actions
A) is called a free rider B) internalizes an externality C) maximizes his profit D) is called a rent seeker
Suppose a judge is trying to decide whether, as a matter of fact, homeowners currently possess the right to prevent airplanes from flying low over their houses. The judge's ruling is correct if his decision results in
A) a fall in the market value of the houses. B) a rise in the market value of the house. C) no change in the market value of the houses. D) uncertainty about the market value of the houses.
How does a natural monopoly differ from a legal monopoly?
What will be an ideal response?
A recent study found that it was cheaper to buy a chicken dinner from Kentucky Fried Chicken than it was to prepare it at home. The researcher included all costs including the imputed value of time involved to prepare the meal at home. This study illustrates the
a. value of marginal analysis. b. law of increasing costs. c. difference between real costs and money costs. d. cost disease of the service sector.