What is a private benefit from consumption? What is a social benefit from consumption? When is the private benefit from consumption equal to the social benefit from consumption?
What will be an ideal response?
Private benefit from consumption is the benefit received from the consumer of a good or service. Social benefit from consumption is the total benefit from consuming a good or service, including both the private benefit and any external benefit. The private benefit and the social benefit are equal when no externalities exist.
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When a U.S. restaurant purchases French wine and the French wine company uses the proceeds to buy U.S. government debt, U.S. ________ and there is a capital ________ the United States.
A. exports increase; outflow from B. imports increase; inflow to C. imports decrease; inflow to D. imports increase; outflow from
Laws in some countries require bystanders to come to the aid of people in mortal danger. This legal obligation is called
A) compulsory volunteerism. B) judicial discretion. C) the duty to rescue. D) eminent domain.
What economic concepts are represented in the production possibilities model?
What will be an ideal response?
Between 1960 and 1997, the federal budget was never in surplus
a. True b. False Indicate whether the statement is true or false