Politicians and citizens may often choose policies that reduce economic efficiency because they are perceived as “fairer.”
Answer the following statement true (T) or false (F)
True
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A negative externality is internalized when __________ until the socially optimum level of production is obtained.
A. supply shifts to the left B. supply shifts to the right C. demand shifts to the right D. b and c E. none of the above
Which branch of economics is most likely to study differences in countries' growth rates?
A. normative economics B. macroeconomics C. experimental economics D. microeconomics
When looking at a monopolist's level of output, you can expect to find
A. average revenue greater than price. B. price greater than marginal cost. C. marginal cost greater than marginal revenue. D. marginal revenue greater than price.
A difference between a proprietorship and a partnership is that
A) a proprietorship is easy to form while a partnership is hard to form. B) a proprietorship has only one owner while a partnership has only two owners. C) a partnership allows for specialization while a proprietorship does not. D) the profits in a proprietorship are taxed only once while in a partnership they are taxed twice.