The costs of lead contamination have been estimated to be $1 billion for medical care of those sickened by lead, plumbing repairs, and reduced earnings of those affected by lead. This $1 billion can best be classified as:
A.) The benefits of government intervention.
B.) The costs of government intervention.
C.) Social costs of market failure.
D.) Social costs of government failure
C.) Social costs of market failure.
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Refer to the scenario above. If the equilibrium price charged by the firm in the short run is $170, the firm will earn ________
A) a profit of $10 per unit B) a profit of $25 per unit C) a profit of $0 per unit D) a profit of $30 per unit
All of the following are possible private-sector adjustments to an increase in the government's budget deficit except
A) increasing private savings. B) decreasing investment. C) decreasing expenditures on transfer programs. D) increasing the trade deficit by increasing imports and/or decreasing exports.
Paper money is a good example of commodity money
a. True b. False Indicate whether the statement is true or false
If firms increase their investment spending, the resulting change in equilibrium GDP is equal to the change in investment spending
a. multiplied by 2.5 b. alone c. multiplied by the expenditure multiplier d. divided by the marginal propensity to consume e. plus the change in consumption spending