Which of the following would be a private cost to a cigarette smoker?
a. Cost to the employer of the higher health insurance premiums due to the hiring of a smoker.
b. Cost to the employer of the extra effort lost due to the increased missed days of work as a result of smoking.
c. Cost to the city of extra park cleanup due to the presence of cigarette butts.
d. Price of the pack of cigarettes.
e. Cost to the government to pay the hospital expenses of indigent smokers.
d
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From the economist's point of view, dividends paid to stockholders are part of a corporation's costs
A) because taxes are paid on a corporation's profits prior to the payment of dividends. B) because they must be included in stockholders' incomes for purposes of personal income taxation. C) insofar as they are contractual obligations. D) insofar as they represent what funds invested in the corporation could have earned elsewhere.
If the economy is represented in the graph shown and is currently at point E1, then the economy must be in:
A. long-run equilibrium. B. a recession. C. an economic boom. D. an economic recovery.
If nations such as Germany, Japan, and the United States prohibited international trade in automobiles, a likely effect would be that
a. the price effect would become a more significant consideration for each firm that makes automobiles. b. the excess of price over marginal cost would become less pronounced in the automobile market. c. all countries would become better off. d. automobile producers in the U.S. would collude to produce a large number of cars.
In the above figure, if the firm is producing at Q3 and charging a price of P3, it should
A. increase output and decrease price. B. decrease output and increase price. C. not change output or price. D. shut down.