Which of the following may involve external benefits?
a. drunken driving
b. smoking.
c. public education.
d. highway congestion.
c
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A firm that is vertically integrated
A) participates in more than one successive stage of production. B) has higher profits than firms that are not vertically integrated. C) produces all of its own inputs. D) relies on other firms to market its products.
A demographic trend is that:
a. Individuals increasingly put off marriage and childbirth to later years b. The number of families is decreasing c. Families are the same as they were two decades ago d. Grandparents matter less than they used to
Legal or governmental restrictions that give monopolistic advantages to a firm include all of the following EXCEPT
A. franchises. B. licenses. C. economies of scale. D. tariffs.
Exchange rates that are allowed to fluctuate in the open market in response to changes in supply and demand are known as
A. fixed exchange rates. B. flexible exchange rates. C. gold exchange rates. D. IMF exchange rates.