Benefits that accrue directly to the decision maker of a market exchange are called:
A. social benefits.
B. network benefits.
C. external benefits.
D. private benefits.
Answer: D
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The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P. If this economy opens to trade while the world price of a car is $6,000, and the government imposes a quota allowing 3000 cars to be imported, then the winners are ________.
A. domestic consumers B. domestic producers and the government C. domestic consumers and import permit holders D. domestic producers and import permit holders
If the Fed wished to decrease GDP, it could
A) increase the reserve requirement or conduct an open market sale. B) increase the reserve requirement or conduct an open market purchase. C) decrease the reserve requirement or conduct an open market sale. D) decrease the reserve requirement or conduct an open market purchase.
Which of the following explains the changes in the U.S. adult male labor force participation rate since 1948?
A) Fewer men consider themselves discouraged workers as compared to the past. B) More men are joining the military as compared to the past. C) More men are retiring later in life as compared to the past. D) Younger men are remaining in school longer as compared to the past.
The advantages of emissions permits over taxes is/are that
A. it increases uncertainty about the quantity of pollution that will be emitted. B. environmental authorities decide on an emissions ceiling in advance of issuing permits. C. pollutants can be raised to levels that have adverse effects on health. D. firms whose marginal cost of reducing emissions are lower than the market price of permits will find it more profitable to buy additional permits than to reduce their emissions.