Which of the following statements correctly characterizes changes in farming and agriculture land during the period between 1870 and 1900?
a. The number of farms rose, but the number of acres under cultivation fell.
b. The number of farms fell, but the number of acres under cultivation rose.
c. The number of farms, as well as the number of acres under cultivation rose.
d. The number of farms, as well as the number of acres under cultivation fell.
c. The number of farms, as well as the number of acres under cultivation rose.
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Refer to Figure 5-9. Suppose the government wants to use a Pigovian tax to bring about the efficient level of production. What should the value of the tax be?
A) (P1- P0 ) per unit of output B) P1 per unit of output C) (P2- P0 ) per unit of output D) (P2- P1 ) per unit of output
An example of a situation in which the social costs are greater than the private costs would be
A) a new restaurant takes business away from an established restaurant. B) hand-held calculators putting slide rule manufacturers out of business. C) when a member of a rock band's ability to hear deteriorates from performing in so many loud concerts. D) a physician who cannot examine patients with a stethoscope in an examination room adjacent to an airport.
Perfectly competitive markets have absolutely no drawbacks.
Answer the following statement true (T) or false (F)
Which of the following contracts is considered self-enforcing?
a. An assurance provided by a lawyer to his/her client to win a case. b. A futures contract purchased through a NYSE broker. c. An agreement between two oligopolists to follow uniform pricing strategy. d. An agreement between two students to share assignment responsibility.