In the ______ century in the U.S., standards of hygiene were undergoing an enormous transformation
a. 16th
b. 17th
c. 18th
d. 20th
C
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________ efficiency occurs when the firm produces a rate of output at which marginal cost equals the marginal benefit that consumers derive from the good. ________ efficiency occurs when the firm produces at the minimum point on its long-run average-cost curve
a. Social; allocative b. Productive; accounting c. Allocative; productive d. Economic; allocative
In the market in Figure 15.1:
A. social benefits are greater than private benefits. B. the quantity provided by the market is inefficient. C. the market produces less than the social optimum quantity. D. All of these
Assume a country is in a fixed exchange rate regime. Explain what factors might cause individuals to expect that a country will revalue its currency
What will be an ideal response?
Suppose the government imposes an 8 percent sales tax on clothing items and the tax is levied on sellers. Who pays for the tax in this situation? (Assume that the demand curve is downward sloping and that the supply curve is upward sloping.)
A) The sellers will pass on the entire sales tax to consumers and therefore the consumers bear the tax. B) The tax will be borne partly by consumers and partly by sellers. C) It is not possible to answer the question without information on price elasticities. D) The tax is borne entirely by the sellers.