A college student is thinking about running an ice-cream truck over the summer. Which of the following would likely be an ongoing expense of the business?
A. The cost of the truck
B. The cost of the gasoline used
C. The cost of ice cream scoopers
D. None of these is an ongoing expense.
B. The cost of the gasoline used
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What is the opportunity cost of government work?
What will be an ideal response?
What is cost-benefit analysis? Suppose that you were asked to do a cost benefit analysis of tearing down an elderly woman's ancestral home to provide space to expand a local high school. What difficulties might you encounter?
What will be an ideal response?
Production of a good produces pollution that is very damaging with each additional unit. A monopoly facing a very elastic demand curve will most likely produce
A) less than the social optimum of the good. B) more than the social optimum of the good. C) the social optimum of the good. D) no externality.
What does intra-industry trade create for the consumer?
a. greater variety of goods and lower costs b. greater variety of goods and higher costs c. lower variety of goods and lower costs d. lower variety of goods and higher costs