Which of the following is an example of a negative externality?
A) A person buys a car that is a lemon.
B) A worker is injured on the job.
C) A new restaurant's success causes another to go out of business.
D) A large wind turbine in a house's backyard ruins the view of other homeowners.
Answer: D
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According to this Application, which of the following were given to parents who immunized their children?
A) dal (a common Indian food) B) a set of cooking pans C) rupees D) both A and B
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $4 and the wage rate is $70 per day, how many workers should Winnie employ to maximize his profit?
A) 1 B) 2 C) 3 D) 4
A firm must be able to ________ competition if it is to exercise control over the price of its product.
A. maximize B. not change C. limit D. increase
The existence of absolute advantage
A. implies that there will be no benefits from trade taking place between two nations. B. refers to a situation where one country can produce one particular good with fewer units of resources than the other country. C. fosters the self-sufficiency of the two nations. D. refers to a situation in which one country can produce all goods with fewer units of resources than can another country.