Total variable cost is the sum of all
A) costs of the firm's fixed factors of production.
B) costs associated with the production of goods.
C) costs that rise as output increases.
D) implicit costs.
C
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Quotas and tariffs both
A) decrease deadweight loss. B) restrict foreign trade. C) cause a loss of revenue to domestic producers. D) lower prices on imported goods.
To internalize a positive externality:
a. the consumers of a good could receive a subsidy equal to the external benefit resulting from the production or consumption of the good. b. a producer's costs could be increased by an amount equal to the external benefit resulting from the production of the good. c. consumers of the good could pay a tax equal to the external benefit resulting from the production or consumption of the good. d. None of the above are correct.
Which of the following is used to depict all combinations of goods that are affordable with a given income and given prices?
A. A budget constraint. B. An indifference map. C. An indifference curve. D. A demand curve.
Command-and-control policies are undesirable ways of reducing pollution because the means of abatement they mandate may not be efficient for all firms.
Answer the following statement true (T) or false (F)