Deficit is to debt as
A. responsible is to irresponsible.
B. increase is to decrease.
C. flow is to stock.
D. important is to unimportant.
Answer: C
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A copper ore refiner pollutes the water upstream from a brewery. These are the only two parties involved. The transactions costs of reaching an agreement between the refinery and the brewery are low
The amount of water pollution will be at the efficient level A) only when the property right to the stream is assigned to the ore refinery. B) only when the property right to the stream is assigned to the brewery. C) when the property right to the stream is assigned to either the refinery or to the brewery. D) when no one has clear property rights.
The profit-maximizing monopolist will never operate in a price range over which
A) the demand curve slopes downward. B) demand is inelastic. C) P > MR. D) P > MC.
Marginal physical product of labor measures the
a. quantity of output produced by hiring workers b. change in output generated by hiring an additional worker c. change in revenue generated by hiring an additional worker d. change in cost generated by hiring one additional worker e. change in labor productivity generated by a change in capital employed
A black market is
a. a market that operates outside the legal system, either by selling illegal goods or by selling goods at illegal prices. b. a market where goods and services can be obtained at lower prices. c. a government-mandated market where controls are placed on prices. d. a market where exchanges are made using bartering.