The allocations of goods and services from one group in a society to another are called:
a. mutually voluntary exchanges.
b. in-kind transfers.
c. grants.
d. economic rents.
e. transfer earnings.
b
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Refer to Figure 7-5. With insurance and a third-party payer system, the equilibrium quantity of medical services is
A) 400. B) 800. C) 1,200. D) > 1,200.
In order to smooth the influence of shocks throughout an economy, it is helpful for governments within a monetary union to have
A) ways to conduct fiscal transfers. B) seignorage. C) currency competition. D) monetary autonomy.
Transferable pollution rights would allow firms to move into an area that is already as polluted as allowed by EPA standards
a. True b. False Indicate whether the statement is true or false
Sunk costs:
A. can be ignored because they have no effect on marginal costs. B. should be taken into consideration when choosing the best level of an activity. C. should not be ignored because they lead to higher marginal costs. D. can be ignored because they don't have to be paid by the decision maker.