The potential rewards that are available to an individual if a particular activity is undertaken are known as
A) premiums.
B) gifts.
C) incentives.
D) intrinsic values.
C
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Suppose the production of a good results in negative externalities. If output is at the intersection of the demand curve and the marginal social cost curve, then
A. the socially optimal level of output will be produced. B. society will incur a net social cost. C. society will want less output produced, and producers will be willing to satisfy this desire at a price that society deems acceptable. D. b and c
The law of comparative advantage explains why
a. specialization and exchange will make it possible for trading partners to expand their combined output. b. there will be an inverse relationship between the price of a product and the quantity of it that will be demanded. c. larger firms will have lower per unit costs than smaller firms. d. an increase in the price of a good will lead to an expansion in the quantity supplied by business firms.
Vertical equity is not consistent with a regressive tax structure
a. True b. False Indicate whether the statement is true or false
The price elasticity of supply is higher when
A. the number of buyers in the market decreases. B. the product in question is an inferior good. C. producers have more time to adjust to price changes. D. the number of buyers in the market increases.