An In the News article is titled "Air Pollution Kills." The decrease in the length of human life is an example of
A. A private cost.
B. An internal cost.
C. An external cost.
D. An external benefit.
Answer: C
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Which of the following is used by lenders to reduce the problems that arise from asymmetries of information?
A) patent contracts B) collateral C) decreased interest rates D) restrictive contents
Opportunity cost can always be measured in money terms.
Answer the following statement true (T) or false (F)
If a firm is producing a given level of output in an economically efficient manner, then it must be the case that
A. this is the lowest cost method of producing that output. B. each input is producing its maximum marginal product. C. this output level is the most that can be produced with the given level of inputs. D. both a and c E. none of the above
If the MPC is 0.8, what change in investment spending is required to effect a total change in income by $60 billion?
A. $25 billion B. $15 billion C. $20 billion D. $12 billion