Based on the data in the above table, the product exhibits
A) external benefits.
B) external costs.
C) no externalities.
D) increasing returns.
A
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The use of eminent domain is probably more justifiable if the parcels of land needed for a project are
A) contiguous. B) noncontiguous. C) owned by the federal government. D) owned by one party instead of many parties.
The above figure shows the demand curve for movie rentals from Redbox. At which of the following prices is the demand unit elastic?
A) $5.00 B) $3.50 C) $2.50 D) $0.00
If the absolute value of the tax elasticity of supply is 0.8, a tax decrease of 10 percent will
A. Decrease output by 12.5 percent and increase tax revenues. B. Increase output by 12.5 percent and increase tax revenues. C. Increase output by 8 percent and decrease tax revenues. D. Decrease output by 8 percent and increase tax revenues.
If a country is currently producing inside its production possibilities curve
A. it can increase the production of both goods by putting unemployed resources to work. B. it is experiencing efficient production of one good but not the other. C. it can increase the production of one of the goods only if it reduces the production of the other good. D. None of these are correct.