Government purchases in national income accounts would include expenditures for payments of:
a. Salaries for current U.S. military officers
b. Public assistance for welfare recipients
c. Social Security checks to retirees
d. Public assistance for military veterans
a. Salaries for current U.S. military officers
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Which of the following describes how a positive externality affects a competitive market?
A) The externality causes a difference between the private benefit from production and the social cost of production. B) The externality causes a difference between the private benefit from consumption and the social benefit. C) The externality causes a difference between the social cost of production and the social cost of consumption. D) The externality causes quantity demanded to exceed quantity supplied.
"Because of unseasonable cold weather, much of the peach crop has been destroyed." This statement indicates that the:
a. price of peaches will fall. b. quantity of peaches that will be available at any given price has decreased. c. demand for peaches will shift to the left. d. quantity of peaches that will be available at any given price have increased.
A firm is currently selling its product at $20 each. It estimates that its average total cost of production is $100 and its average fixed cost is $40. In the short run the firm should
A. continue production at a point where P = MC. B. hire more employees. C. shutdown. D. buy more capital.
It is Valentine's Day in the United States, and you give your lover one dozen roses that were freshly picked 72 hours ago from the fields of Kenya. What made this gift possible?
A) the United Nations Director of Horticultural Operations, who oversees the planting and transportation of flowers around the world B) the Jennifer Flowers Act, which helps coordinate the logistics of agricultural trade flows between the United States and Kenya C) economic markets D) tariff laws in the United States