Your next-door neighbor has a beautiful rose garden, but you are allergic to roses and cannot use your yard because of the rose pollen that drifts into your yard. In this case, the rose garden is an example of a
A. public good.
B. good that provides an external benefit.
C. good that imposes an external cost.
D. Pareto good.
Answer: C
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When we cannot produce more of any good without giving up some other good that we value more highly, we have achieved
A) production. B) equity. C) allocative efficiency. D) the production point where the marginal benefit exceeds the marginal cost by as much as possible.
If the number of employed persons in a country equals 24 million, the number of unemployed persons equals 8 million, and the number of persons over age 16 in the population equals 40 million, the unemployment rate equals: a. 8 percent
b. 20 percent. c. 25 percent. d. 32 percent.
Figure 7.1 shows a monopolist's demand curve. If the monopolist increases output from four to five units, what is its marginal revenue?
A. $16 B. $15 C. $3 D. -$1
The ________ of R dollars to be paid in t years is the amount you have to put aside now if you want to ensure that you end up with R dollars t years from now.
A. present discounted value B. investment value C. future discounted value D. present actual value