Which of the following statements is correct?
a. The use of pollution permits and corrective taxes reduces the cost of environmental protection.
b. Rich countries usually have cleaner environments than poor countries because a clean environment is like other normal goods in that it has a positive income elasticity.
c. Clean water and clean air are goods to which the law of demand applies.
d. All of the above are correct.
d
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Of the following, the most rapid rise in health care costs in the United States can be attributed to
A) the cost of malpractice lawsuit settlements. B) the cost of malpractice insurance. C) the cost to treat uninsured patients. D) slow growth in labor productivity in health care.
Which of the following costs will not change as output changes?
A) total variable cost B) total fixed cost C) average variable cost D) average fixed cost E) marginal cost
An excise tax on alcohol causes the supply of alcohol to decrease and the price of alcohol to decrease.
Answer the following statement true (T) or false (F)
Total cost of production refers to the:
A) sum of variable costs and fixed costs. B) product of variable costs and fixed costs. C) difference between variable costs and fixed costs. D) ratio of variable costs to fixed costs.