Recall the Application about the benefits provided by the LoJack auto recovery system to answer the following question(s).Recall the Application. LoJack is system that allows the police to track stolen cars. This provides an external benefit by:
A. getting the owner back his car.
B. reducing car theft.
C. giving profits to the producers of LoJack.
D. All of these
Answer: B
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If your income elasticity of demand for hot dogs is negative, then:
A. hot dogs are an inferior good for you. B. your demand curve for hot dogs is not downward sloping. C. hot dogs have no close substitutes for you. D. you must not enjoy eating hot dogs.
One of the economic changes that has most dramatically reshaped the world is:
A. the rapid decline of Haiti's economy. B. the rapid growth of Italy's economy. C. the unemployment rate declining in the U.S. by 40 percent. D. the rapid growth of China's economy.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point E to Point A, the opportunity cost of hybrid cars, measured in terms of motorcycles
A. increases. B. initially increases, then decreases. C. decreases. D. remains constant.
Social surplus is maximized in a(n) ________
A) perfectly competitive market B) monopolistically competitive market C) monopoly market D) oligopoly market