If a chemical factory causes noxious fumes to be emitted in the neighborhood, a third party would be:
A. workers at the factory.
B. owners of the factory.
C. chemical customers.
D. local homeowners.
Answer: D
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Refer to Figure 11-3. Technological change is shown in the figure above by the movement from
A) B to E. B) B to A. C) B to C. D) B to D.
As the real wage increases, assuming that the substitution effect dominates, then
a. individuals move to lower indifferent curves and consume less leisure. b. individuals move to higher indifferent curves and consume less leisure. c. individuals move to higher indifferent curves and consume more leisure. d. individuals stay on the same indifferent curve and consume more leisure.
All solutions to market failures in markets for public goods or common resources:
A. try to force the internalization of externalities. B. are not perfect, and total surplus cannot be maximized in these markets. C. need to be accepted by the affected parties to be effective. D. must be provided by the government.
An increase in the U.S. demand for Japanese yen causes
A. a decrease in the supply of yens. B. an increase in the yen price of a dollar. C. an increase in the dollar price of a yen. D. an increase in the demand for U.S. goods.