The sum of the marginal private benefit and the marginal external benefit derived from eco-tourism in British Columbia is called the
A) total private benefit.
B) net gain.
C) total external benefit.
D) marginal social benefit.
E) total Coase benefit.
D
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Two students are walking by a department store window that has on display a $400 dress. The English major declares, "I want that dress but can't afford it." The economics major replies, "No, you don't." Explain the logic of this reply
During the U.S. Civil War the Confederate government had to resort to printing currency to obtain the goods they needed. Comment on what you think happened to both prices and the value of this currency at the end of the war.
What will be an ideal response?
?Hair Pins /hourBandanas /hourNigel410Mia93
Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 18.3. Which of the following is TRUE?
A. Nigel has both an absolute and comparative advantage in hair pin production. B. Nigel has both an absolute and comparative advantage in bandana production. C. Nigel has neither an absolute nor comparative advantage in hair pin production. D. Nigel has neither an absolute nor a comparative advantage in bandana production.
In a situation in which property rights are not well-defined and social costs exceed private costs, government can use all of the following to induce producers to bring private costs into alignment with social costs EXCEPT
A) taxing production. B) coercive limits on production. C) subsidization of production. D) regulation of production.