When production of a good results in an external cost, the unregulated competitive market equilibrium quantity is
A) the efficient level of output.
B) greater than the efficient level of output.
C) not zero but is less than the efficient level of output.
D) unattainable.
E) zero.
B
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Which of the following does NOT indicate intraindustry trade?
A) Trading Jeeps for Toyotas B) Trading Boeing airplanes for Airbus airplanes C) Trading Bush beer for Heineken beer D) Trading Japanese-made films for Hollywood-made films E) Trading oil for trucks
Which of the following is likely hardest to resell?
A) An Apple iPod B) A discount airline ticket you bought with your frequent flyer miles C) A used car D) The free spa treatment you won at a raffle
Ideally, a price system allows
A. government policy makers to allocate resources to the uses which they consider to be in the best interests of society. B. resources to move from lower-valued uses to higher-valued uses through voluntary exchange. C. consumers to satisfy all their wants. D. firms to act in such a way that they eliminate scarcity.
Benefit levels for the Temporary Assistance to Needy Families (TANF) are set by ________ governments.
A. municipal B. state C. federal D. local