Suppose a U.S. dollar exchanges for 2 British pounds, then each pound is worth
A. $.25.
B. $.50.
C. $1.
D. $4.
Answer: B
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If the abatement level were 20 percent, what would be the levels of MACmktand MCE? What do these values convey about total abatement costs incurred by polluting sources and by government at this 20 percent abatement level?
What will be an ideal response?
Surplus value that is lost because something is keeping the market from functioning as well as it can is called
A) a tax. B) a subsidy. C) rent seeking. D) deadweight loss.
AZT is a drug that inhibits the reproduction of the AIDS virus, thus preventing the full development of the disease. The drug, which is sold in an unregulated market, is very expensive, and many AIDS patients who cannot afford it die from the disease. This case provides ammunition to critics of the market system on the basis of its
A. fairness. B. externalities. C. cost disease in services. D. inefficiency.
Higher inflation and interest rates led to ___________
Fill in the blank(s) with the appropriate word(s).