Presently, GDP is ________ to compensate for the costs of environmental damage
A) fully adjusted
B) partially adjusted
C) adjusted on a chain-weight basis
D) not adjusted
Answer: D
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Figure 6-9
In 1983, government price supports raised the price of sugar above its equilibrium value. Which graph in Figure 6-9 illustrates the impact of sugar price supports on the sugar substitute fructose?
A. 1 B. 2 C. 3 D. 4
The Coase theorem
A. shows that under certain conditions the market can internalize externalities. B. states that economic units should specialize in the production of those goods in which they have a comparative advantage. C. asserts that the firm should produce that output at which marginal cost is equal to marginal revenue. D. holds that the firm should produce that output at which marginal factor cost is equal to marginal revenue product.
Economists generally do not agree to limit the private and voluntary actions of people, but, in the case of gambling, economists will admit that gambling
A. can be addictive, so regulation could be justified for that reason. B. is immoral, so it must be prohibited. C. teaches people about statistics. D. has external benefits, so it must be subsidized.
When a hotel charges a much higher price for their luxury suites than their deluxe rooms, is this price discrimination?
A. No. These are two different goods/services. B. Yes., as long as the price per square foot is the same. C. Yes, as long as they are booked online. D. Yes, as long as they offer both rooms to the same customer.