Horizontal summing of individual demands yields
a. the market demand for a private good
b. the market supply of a private good
c. the market demand for a public good
d. the market supply of a public good
a. the market demand for a private good
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Suppose that U.S. tastes for British goods increase. Then, in Figure 9-3
a. the supply curve shifts from S1 to S2 b. the supply curve shifts from S2 to S1 c. the demand curve shifts from D2 to D1 d. the demand curve shifts from D1 to D2 e. both demand and supply shift to the right
Economic incentives are designed to make individual self-interest coincide with social interest. According to economists, which of the following methods of pollution control best uses economic incentives to reduce pollution?
A) imposing quantitative limits on the amount of pollution and imposing a penalty for non-compliance with these limits B) rewarding environmental groups for monitoring the activities of private firms that produce products which generate pollution C) requiring the installation of specific pollution control devices D) instituting a system of tradable emission allowances
Animal skins, livestock, tobacco, teeth and rocks have historically served as a medium of exchange, unit of account, store of value and method of deferred payment
Indicate whether the statement is true or false
U.S. national defense spending is approximately ____ the amount spent on health care
a. twice b. four times c. ten times d. 1/4