An economy with only a domestic sector is called:
A) a mixed economy.
B) an open economy.
C) a closed economy.
D) a command economy.
C
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In order for pollution taxes to be effective in eliminating the deadweight loss resulting from pollution, the pollution tax must be set equal to the
A) marginal private cost. B) marginal external cost. C) marginal social cost. D) marginal benefit of polluting. E) price of the good.
The average hourly wage (excluding benefits) in the United States is currently
a. $7.50 b. $9.95 c. $15.00 d. $20.00
What are the roles of markets and prices in an economy?
What will be an ideal response?
Jason's cooking is so terrible that Melissa says she will have to be paid in order to even try it. Thus, her marginal utility for Jason's cooking is
A. constant. B. increasing. C. positive. D. negative.