An example of a positive externality is:
a. freeway congestion
b. pollution in a resort lake.
c. airport noise.
d. beautiful trees on property along a parkway.
d
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For the most part, differences in wealth do reflect current labor market discrimination
Indicate whether the statement is true or false
Gross domestic product (GDP) does not include:
a. used goods sold in the current time period. b. foreign produced goods. c. intermediate as well as final goods. d. None of these would be included.
When the government attempts to improve equality in an economy the result is often
a. an increase in overall output in the economy. b. additional government revenue since overall income will increase. c. a reduction in equality. d. a reduction in efficiency.
Table 24.1Monopoly Costs and RevenueQuantityPriceTotal Cost1$500$4002$450$6503$400$9504$350$1,3005$300$1,700In Table 24.1, according to the profit maximization rule, at the profit-maximizing level of output, the average total cost is
A. $316.67. B. $340. C. $325. D. $400.