Fill in the blank: According to the authors of your text, traffic congestion can be reduced by ________ the spillover costs associated with driving
A) modernizing
B) estimating
C) externalizing
D) internalizing
D
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Advances in chemical and biological applications before World War I (1914–1918) increased agricultural output per acre
Indicate whether the statement is true or false
In a first-price auction:
a. the lowest bidder receives its actual bid as a payment for the job. b. the lowest bidder wins the bid and pays the amount bid by the first runner-up. c. the bidder bids less than its cost and incurs a loss. d. the lowest bidder wins the bid and has to pay the actual bid for the good.
The cash or concessions present in contract terms that parties agree to in order to share risks are called:
a. quid pro quos. b. property rights. c. flexible takes. d. contract prices.
The central question in economics is how to: a. regulate the supply of money
b. make the best use of scarce resources to satisfy our unlimited wants. c. reduce the wants of individuals, businesses and government. d. find more resources to satisfy everyone's wants.