If there are external costs of production not accounted for, then marginal
A. cost is less than marginal social cost.
B. cost equals marginal social cost.
C. social cost is zero.
D. cost is greater than marginal social cost.
Answer: A
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A new 2015 Honda Civic produced in 2015 and purchased in 2016 is
A) part of GDP in 2015. B) part of GDP in 2016. C) not part of GDP in either year because it was produced in one year and sold in another year. D) part of GDP in both 2015 and 2016.
Which of the following entities is able to sue a firm for alleged antitrust misbehavior in the U.S.?
a. Department of Illegal Affairs b. Department of State c. Department of Homeland Security d. Department of Justice e. Department of Labor
Tariff protection
a. encourages the optimum use of scarce resources. b. has no impact on use of scarce resources. c. prevents the optimum use of scarce resources. d. eliminates the scarcity of resources.
When you buy an automobile, you can prevent others from gaining any benefit simply by denying them access to the automobile. In this sense, an automobile is a(n)
a. exclusive good b. rival good c. public good d. merit good e. nonexclusive good