Which amendment to the U.S. Constitution protects against unreasonable searches and seizures?
A) First Amendment
B) Second Amendment
C) Fourth Amendment
D) Fifth Amendment
C) Fourth Amendment
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Why are cartels among firms usually kept secret?
What will be an ideal response?
Producers' total revenue will increase if
A) income increases and the good is an inferior good. B) the price rises and demand is elastic. C) the price rises and demand is inelastic. D) income falls and the good is a normal good.
When the government imposes a tax equal to the external cost of producing a product that causes pollution, the government is said to externalize the externality
Indicate whether the statement is true or false
Which of the following is not how economists describe the term "economic rent?:
A. The gains that workers and owners of capital receive from supplying their labor or machinery in factor markets. B. The producer surplus in output markets. C. The rental price of a factor of production minus the cost of supplying it. D. The total revenue that a factor of production earns its owner.