The negative externality in a pesticide or other chemical market
a. is associated mainly with production of the chemical
b. is primarily a consumption externality
c. should be modeled as a marginal external cost (MEC)
d. is appropriately captured by the MSC function
b. is primarily a consumption externality
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The transactions approach to measuring money includes
A) traveler's checks. B) government bonds. C) the value of shares of stock in commercial banks. D) all of these.
Which of the following is a difference between a second-price sealed-bid auction and an English auction?
A) The highest bidder wins in a second-price sealed-bid auction while the second-highest bidder wins in an English auction. B) The second-highest bidder wins in a second-price sealed-bid auction while the highest bidder wins in an English auction. C) Bids are placed privately in a second-price sealed-bid auction while bids are placed publicly in an English auction. D) Bids are placed one after another in a second-price sealed-bid auction while bids are placed simultaneously in an English auction.
According to your authors, entrepreneurial innovation is similar to arbitrage because both activities ultimately involve
A) obtaining inputs at relatively high prices and selling the output at lower prices. B) obtaining inputs at relatively low prices and selling the output at higher prices. C) the absence of uncertainty. D) the presence of perfect and complete information.
What produced the European Payments Union?
(a) The Schumann Plan (b) The Monet Plan (c) The Spaak Plan (d) The Marshall Plan