The sum of internal and external costs is
A) private cost.
B) social cost.
C) opportunity cost.
D) common property.
Answer: B
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Which of the following is not a common rationale for government involvement in education?
a. Public education produces a positive inframarginal externality. b. Public provisions of education makes students into better citizens. c. Public financing of education is necessary on equity grounds. d. all of the above
In the ___________ model of decision making, each decision builds on the previous one, forming a sequence of decisions, such as the steps involved in preparing a meal
a. Central-satellite b. Foa & Foa c. Elbing d. Chain
If you knew that interest rates would be rising, then you would predict that the present value of $1 received 5 years from now
A. would be higher. B. would be about the same. C. would be lower. D. could be higher or lower.
Imposing a tax on sales of a product
A. shifts both the market supply and demand curve for the product. B. has no effect on either the market demand or the market supply curve for the product. C. shifts the market supply curve for the product. D. shifts the market demand curve for the product.