A household consists of only related family members like a father, mother, and children and not unrelated members like two students sharing a rented apartment
a. True
b. False
Indicate whether the statement is true or false
False
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Economics is the study of
A) the role of money in markets. B) how government officials decide which goods and services are produced. C) how society uses limited resources. D) how to invest in the stock market.
Tax Wedge
What will be an ideal response?
Assuming that people follow enlightened self-interest allows behavioral economists to create a single clear-cut model that can be applied across many different contexts.
Answer the following statement true (T) or false (F)
Suppose two power plants pollute a river and both firms operate under a system of marketable pollution permits. If it costs Firm A $90 to reduce pollution by 800 units per day, and Firm B can reduce costs by $115 by increasing pollution by 800 units per day:
A. the firms cannot gain by trading the right to pollute. B. both firms can benefit if Firm A trades the right to increase pollution by 800 units to Firm B for $70. C. both firms can benefit if Firm B trades the right to increase pollution by 800 units to Firm A for $120. D. both firms can benefit if Firm A trades the right to increase pollution by 800 units to Firm B for $100.