The idea that firms and resource suppliers, while seeking to further their own self-interests in a market economy, also promote the public interest describes:
A. "dollar votes."
B. the "invisible hand."
C. the guiding function of prices.
D. capital accumulation.
Answer: B
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The marginal social cost (MSC) function is the sum of the following:
a. market-level marginal abatement cost (MACmkt) + marginal cost of enforcement (MCE) b. marginal abatement cost (MAC) + marginal external cost (MEC) c. marginal abatement cost (MAC) + total social cost (TSC) d. market-level marginal abatement cost (MACmkt) + marginal external cost (MEC)
The total social cost of production is equal to
A) external cost minus internal cost. B) internal cost minus external cost. C) external cost plus internal cost. D) internal cost plus opportunity cost.
What is the purpose of the Federal Deposit Insurance Corporation (FDIC)?
(A) To make sure that banks charge a fair amount of interest on loans. (B) To make sure that banks do not fail. (C) To make sure that customers do not lose money if a bank fails. (D) To make sure that the government has enough gold to cover its expenses.
We generally expect the price elasticity of supply to be
A) zero. B) negative. C) positive. D) positive or negative, depending on demand.