Education is subsidized because it generates beneficial externalities.
Answer the following statement true (T) or false (F)
True
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A firm's total cost (TC) equals the sum of its fixed cost plus its
A) marginal cost. B) variable cost. C) variable cost plus its marginal cost. D) sunk cost plus its variable cost plus its marginal cost.
Refer to Table 19-4. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals
A) $2,200. B) $2,100. C) $1,600. D) $1,400.
Which of the following is not a drawback of utilitarianism?
a. There exists no valid way to make interpersonal utility comparisons. b. Is incompatible with the Pareto criteria. c. It is not directly compatible with economic efficiency. d. It implies social arrangements that most people would find objectionable.
An inferior good is defined by an income elasticity less than 1
a. True b. False