With the debris of more than 50 years of climbing on the beautiful high slopes – oxygen canisters, tents, backpacks and even some bodies – Mount Everest has been called the world's highest garbage dump
It has been suggested that there should be a limited number of climbers allowed on the mountain each year to limit the environmental degradation that occurs. This method of achieving efficient use of a common resource is most like A) a property right.
B) an individual transferable quota.
C) a production quota.
D) a marginal social benefit right.
C
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The increase in a firm's total revenues resulting from hiring an additional unit of labor is known as the marginal:
a. product. b. revenue product. c. cost. d. none of these.
The monetary-policy framework called inflation targeting is used explicitly by
a. no major country. b. most major countries except the United States and Japan. c. the United States, but it is not used by other major countries. d. most major countries, including the United States and Japan.
Government subsidies are in place to protect the population rather to benefit the economy in the case of which recipient(s)?
(A) Tobacco growers in the United States. (B) National airlines in Western Europe. (C) Small farms in France. (D) A national car company in Indonesia.
In analyzing the decision to shut down in the short run we assume that the firm's fixed costs are
A) implicit costs. B) capital costs. C) nonmonetary opportunity costs. D) sunk costs.