Any item can successfully serve as money
a. True
b. False
Indicate whether the statement is true or false
False
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Economists Leigh Linden and Jonah Rockoff researched the effect of the proximity of the residences of registered sex offenders to the values of other homes in the same area and found that the effects of having a sex offender in the neighborhood
A) are widespread and tend to remain unchanged with distance. B) are virtually nonexistent. C) reduce the average home value in the area by 50 percent. D) are highly localized and diminish rapidly with distance.
Explain why, when all adjustment have taken place, the perfectly competitive firm will operate at the minimum of its short-run and long-run average total cost curves and earn zero economic profit
What will be an ideal response?
If the elasticity of supply is much greater than the elasticity of demand, an excise tax levied on the suppliers will
a. cause the suppliers to incur a greater burden of the tax than demanders b. cause the demanders to incur a greater burden of the tax than suppliers c. the burden of the tax will be shared equally between the suppliers and the demanders d. cause the entire burden of the tax to rest on the demanders e. Without more information as to the amount of the excise tax, who will incur a greater burden will be unclear
When a market is corrected for externalities, it:
A. makes everyone in society better off. B. is equitable. C. maximizes surplus. D. All of these statements are true.