Economists consider environmental pollution to be a(n)
A. externality.
B. pure public good.
C. allocatively efficient outcome.
D. public interest outcome.
Answer: A
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Suppose that a person in the United States earns $5,000 and faces an income tax rate of 25 percent. If that person saves $2,000 and invests it at 12 percent then he or she will pay
A) less in taxes because of the saving. B) tax only on the income spent. C) more in taxes than if there had been no saving. D) tax only on the amount saved.
The utility of a good is
a. different for different consumers b. the same for all consumers c. constant no matter how much is consumed d. related to the cost of producing it e. positive for all goods and all consumers
Luke recently attended a large pop culture convention in another state. What would be the money costs Luke incurred to attend the show?
a. the payments for the pass, airline ticket, and hotel bill b. the time he could have spent improving his musical ability c. the virus he caught at the crowded convention d. the annoyance of airport lines and security checks
A diagram of an individual's utility from income will be a line with a decreasing slope if the individual is risk-loving.
Answer the following statement true (T) or false (F)