Suppose the price of eggs decreases from $2 per egg to $1.50 per egg. Due to this decrease in price, the ____ will increase
a. producer surplus
b. consumer surplus
c. opportunity cost of producing an egg
d. social marginal cost
b
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If nation-states are able to extend effective control over ocean resources from 3 miles to 200 miles off their coasts, valuable marine animals are more likely to be harvested
A) at a rate consistent with their long-run preservation. B) at a rate inconsistent with their long-run preservation. C) too rapidly for maximum net benefit. D) too slowly for maximum net benefit. E) up to the point of extinction.
The money in circulation today in the U.S. economy is fiat money
Indicate whether the statement is true or false
Which of the following is true?
What will be an ideal response?
Briefly explain the case for a negative income tax.
What will be an ideal response?