Which of the following is NOT an example of a negative externality?
A. inoculation against disease
B. rush hour traffic
C. playing a boom box loudly in a crowded park
D. pollution
Answer: A
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An individual purchasing goods and services will allocate his expenditures so that the pleasure he gets out of spending one more dollar is the same no matter what he spends that dollar on. For a firm purchasing resources, this is the same as ensuring that:
a. the ratio between marginal revenue product and the marginal factor cost is equal for all the resources used. b. the marginal revenue product of the resources are equal. c. the marginal factor cost of the resources are equal. d. the ratio between marginal revenue product and the marginal factor cost is greater than one for all resources. e. the marginal revenue product is greater than the marginal factor cost of all resources.
The following table describes utility for consuming cans of soda. Fill in the blank spaces and answer the following question: At what point does the law of diminishing marginal utility set in?Cans of SodaTotal utilityMarginal utility114 2 12336 444 5 6
A. Marginal utility never diminishes. B. Between three and four cans C. Marginal utility diminishes everywhere. D. Between four and five cans
The issue of the separation of ownership and control is concerned with the fact that:
A. many small proprietorships are actually controlled by large corporations. B. major decisions in large corporations are generally made by professional managers rather than the owners of the corporation. C. most farms are owned by landlords who do not live on the farms. D. politicians pass laws to control corporations, but since corporations cannot vote, they cannot protest such control.
Suppose that in 2011, 3 million plasma TVs were purchased at $950 each, while in 2012, 4 million plasma TVs were purchased at $800 each. What might have caused this change?
A. The price of LCD TVs (a substitute for plasma TVs) fell. B. The price of LCD TVs (a substitute for plasma TVs) rose. C. There was an advance in plasma TV manufacturing technology. D. There were fewer workers in plasma TV manufacturing.