The figure above shows the market for private elementary school education in Chicago. There is no external cost of private elementary education. If the government does not intervene in this market, the equilibrium price of private education is
A) $12,000.
B) $16,000.
C) $20,000.
D) $4,000.
E) $6,000.
A
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A patent grants an inventor exclusive rights to a product for how long?
A) 14 years B) 17 years C) 20 years D) the lifetime of the product
Define the factor of production called capital. Give three examples of capital, different from those in the chapter. Distinguish between the factor of production capital and financial capital
What will be an ideal response?
Suppose a U.S. resident buys a car from a car maker in Japan. This transaction will:
a. have a negative effect on Japan's balance of trade in merchandise. b. have a negative effect on the U.S. balance of trade in merchandise. c. have a positive effect on the U.S. balance of trade in merchandise. d. bring money into the United States. e. have no effect on Japan's balance of trade in merchandise.
Interest and principal on long-term debt are considered
a. long-term liabilities b. fixed liabilities c. liquid liabilities d. general liabilities e. current liabilities