External costs are
A) borne by individuals other than those who incurred them.
B) another term for implicit costs.
C) borne by the public but incurred by the government.
D) borne by the government but incurred by the public.
A
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Farmer Jane grows wheat on land that is bought and paid for. She figures her profit per acre is $60 because she puts $30 of purchased inputs onto each acre, $10 worth of her time into working on each acre, and the harvested wheat sells for $100. Farmer Jane
a. has correctly calculated her economic profit. b. has forgotten to include the opportunity cost of the land in her calculation of profit. c. should not have included the value of her time in calculating profits. d. should not have included any costs in calculating her economic profit.
Refer to Table 11.1. What is the value of the tax multiplier?
A) -0.67 B) -1.875 C) 2.33 D) 3
Which of the following is NOT correct about the effects of a tariff on an imported product?
A) Tariffs benefit domestic producers by raising price and domestic output. B) Tariffs increase government revenue. C) Tariffs mean higher prices and less consumption for consumers of the product. D) Tariffs increase the efficiency of how resources are allocated.
A bank holds ins reserves as ____ and ______
Fill in the blank(s) with the appropriate word(s).