Vaccinating your children is an example of
A. a positive externality.
B. logrolling.
C. a negative externality.
D. a public good.
Answer: A
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The figure above illustrates a rental housing market in which there is a rent ceiling of $400 a month. The rent ceiling is strictly enforced. The number of apartments rented is
A) less than 2 thousand. B) 2 thousand. C) 3 thousand. D) 4 thousand.
If the price of a good falls and expenditure on the good rises, the demand for the good is _______
A. elastic B. perfectly elastic C. inelastic D. unit elastic
Refer to Figure 3.2. At any consumption bundle with the quantity of good X exceeding the quantity of good Y (that is, a bundle located below the 45 degree line, like point A), Alvin's marginal rate of substitution of good X for good Y is
A) diminishing. B) positive. C) constant and positive. D) zero.
A subsidy
A. has the same impact on a market as a tax. B. has a larger impact on a market than a tax of the same amount. C. has a smaller impact on a market than a tax of the same amount. D. is the reverse of a tax.