Which of the following would be an external cost in the market for cigarettes?
a. price of a pack of cigarettes
b. loss of income for the smoker resulting from extra missed days of work
c. higher life insurance premiums paid by the smoker due to smoking
d. loss in utility in smoking by the smoker because the smoker must stand outside her office building in the cold winter to smoke
e. increased risk of cancer to the nonsmoking passengers in the smoker's car pool
E
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Relative to the yen, from 2012-2014 the U.S. dollar
A) depreciated due to an anticipated decrease in the interest rate differential and expectations of a lower future exchange rate. B) appreciated due to an anticipated decrease in the interest rate differential and expectations of a lower future exchange rate. C) depreciated due to an anticipated increase in the interest rate differential and expectations of a higher future exchange rate. D) appreciated due to an anticipated increase in the interest rate differential and expectations of a higher future exchange rate.
Which of the following is least responsible for the reduction in mortality rates in Europe and North America?
a. Reduced exposure to diseases b. Clean water and waste disposal c. Better nutrition and housing d. Improved sanitary conditions e. More effective medical interventions
In the long run, monopolistically competitive firms produce a level of output such that:
A. ATC > minimum of average costs. B. P > MC. C. P = ATC. D. All of the statements associated with this question are correct.
Efficiency is defined as
A) the maximum consumption of goods. B) the production of goods and services. C) the production of output at minimum cost. D) the most profits for companies.