Which of the following statements is true?
A. Production of low-pollution products like clothing increases in the industrialized countries due to free trade.
B. Shifts toward freer trade are responsible for the majority of the increase in carbon dioxide emissions.
C. Free trade is inherently anti-environment.
D. Relocation of firms to take advantage of lax environmental laws is small.
Answer: D
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In the figure above, the marginal cost of the second computer is
A) 2 television sets per computer. B) 3 television sets per computer. C) 5 television sets per computer. D) 30 television sets per computer.
The main objective of the members of a cartel is to
A) earn economic profits. B) produce efficiently. C) make the industry more competitive. D) obtain a patent.
A market has four individuals, each considering buying a grill for his backyard. Assume that grills come in only one size and model. Abe considers himself a grill-master, and finds a grill a necessity, so he is willing to pay $400 for a grill. Butch is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Collin just met the girl of his dreams, and she loves a good grilled steak, so in his effort to impress her he is willing to pay $320 for a grill. Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp, so he is willing to pay $200 for a grill.
If the market price of grills falls from $375 to $330, given the scenario described, which of the following can be said? A. Butch will join the market, but receive no consumer surplus. B. Butch and Collin will join the market, and together will receive $30 in consumer surplus. C. Abe will experience a decrease in consumer surplus of $45. D. Abe will experience an increase in consumer surplus of $45.
A traffic light at an intersection is
a. a public good. b. a private good. c. a club good. d. a common good.