Education has an external benefit. So to achieve the efficient level of education, an education voucher must equal the difference between the
A) marginal (private) cost and the marginal social benefit.
B) marginal (private) benefit and the marginal social benefit.
C) marginal social benefit and the marginal (private) cost.
D) dollar price and marginal (private) cost.
E) marginal (private) cost and the marginal social cost.
B
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While the world was fairly integrated at the turn of the last century, most trade was in agricultural and raw materials, whereas today manufactured consumer and producer goods play a much greater role in determining exports and imports
Indicate whether the statement is true or false
Why is there often resistance to free trade?
A. Specific groups may be hurt by free trade. B. Free trade usually hurts consumers. C. Free trade does not benefit the global economy. D. Free trade does not benefit the economy as a whole.
In order to practice price discrimination, a firm must be in a market such that the consumers in its market:
A. all have identical tastes. B. all have identical price elasticities of demand. C. have different price elasticities of demand. D. have the same demand for its product.
In response to news reports that drinking a glass of red wine each day can reduce an individual's risk of heart disease, there will most likely be a(n)
A. increase in the demand for red wine. B. increase in the supply of red wine. C. decrease in the supply of red wine. D. increase in the quantity demanded of red wine.